National Rural Utilities Cooper (NRUC) 10-Q 13 Jan 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Nov. 30, 2013
Document Information [Line Items]	'
Entity Registrant Name	'NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/
Entity Central Index Key	'0000070502
Current Fiscal Year End Date	'--05-31
Entity Filer Category	'Non-accelerated Filer
Trading Symbol	'NRU
Entity Common Stock, Shares Outstanding	0
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	30-Nov-13
Document Fiscal Period Focus	'Q2
Document Fiscal Year Focus	'2014

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$301,377	$177,062
Restricted cash	8,651	7,696
Investments	26,388	31,632
Time deposits	800,000	700,000
Loans to members	20,388,220	20,305,874
Less: Allowance for loan losses	-55,199	-54,325
Loans to members, net	20,333,021	20,251,549
Accrued interest and other receivables	205,084	175,183
Fixed assets, net	104,866	104,508
Debt service reserve funds	39,353	39,803
Debt issuance costs, net	41,457	38,949
Foreclosed assets, net	255,607	261,472
Derivative assets	291,757	257,878
Other assets	23,803	25,919
Total assets	22,431,364	22,071,651
LIABILITIES AND EQUITY	'	'
Short-term debt	6,466,990	7,719,483
Accrued interest payable	134,150	144,945
Long-term debt	12,307,904	10,696,433
Deferred income	74,115	25,717
Derivative liabilities	397,695	475,278
Other liabilities	64,492	69,308
Commitments and contingencies	'	'
Total liabilities	21,482,628	21,260,390
CFC equity:	'	'
Retained equity	930,424	791,090
Accumulated other comprehensive income	2,651	8,381
Total CFC equity	933,075	799,471
Noncontrolling interest	15,661	11,790
Total equity	948,736	811,261
Total liabilities and equity	22,431,364	22,071,651
Subordinated deferrable debt	'	'
LIABILITIES AND EQUITY	'	'
Subordinated debt	400,000	400,000
Membership subordinated certificates	'	'
LIABILITIES AND EQUITY	'	'
Subordinated debt	644,757	644,757
Loan and guarantee subordinated certificates	'	'
LIABILITIES AND EQUITY	'	'
Subordinated debt	690,390	696,719
Member capital securities	'	'
LIABILITIES AND EQUITY	'	'
Subordinated debt	302,135	387,750
Total members' subordinated certificates	'	'
LIABILITIES AND EQUITY	'	'
Subordinated debt	$1,637,282	$1,729,226

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
Interest income	$239,254	$241,630	$480,325	$481,715
Interest expense	-165,345	-174,301	-332,930	-350,897
Net interest income	73,909	67,329	147,395	130,818
(Provision for) recovery of loan losses	-1,096	3,817	-2,374	-5,305
Net interest income after (provision for) recovery of loan losses	72,813	71,146	145,021	125,513
Non-interest income:	'	'	'	'
Fee and other income	5,125	17,807	9,281	22,765
Derivative (losses) gains	-30,780	-3,766	75,604	-28,358
Results of operations of foreclosed assets	-3,269	-909	-7,318	-5,674
Total non-interest income	-28,924	13,132	77,567	-11,267
Non-interest expense:	'	'	'	'
Salaries and employee benefits	-9,018	-10,148	-19,346	-20,553
Other general and administrative expenses	-9,555	-9,303	-17,842	-16,068
(Provision for) recovery of guarantee liability	-73	92	-42	101
Other	-150	-4,384	-298	-4,547
Total non-interest expense	-18,796	-23,743	-37,528	-41,067
Income prior to income taxes	25,093	60,535	185,060	73,179
Income tax expense	-101	-454	-1,802	-452
Net income	24,992	60,081	183,258	72,727
Less: Net income attributable to the noncontrolling interest	-67	-699	-2,785	-704
Net income attributable to CFC	$24,925	$59,382	$180,473	$72,023

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
Net income	$24,992	$60,081	$183,258	$72,727
Other comprehensive (loss) income:	'	'	'	'
Add: Unrealized (losses) gains on securities	-1,335	893	-5,244	887
Less: Realized gains on derivatives	-249	-253	-495	-505
Other comprehensive (loss) income	-1,584	640	-5,739	382
Total comprehensive income	23,408	60,721	177,519	73,109
Less: Total comprehensive income attributable to noncontrolling interest	-62	-694	-2,776	-693
Total comprehensive income attributable to CFC	$23,346	$60,027	$174,743	$72,416

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	Total	Noncontrolling interest	Total CFC equity	Accumulated other comprehensive income	CFC retained equity	Unallocated net income (loss)	Members' capital reserve	Patronage capital allocated	Membership fees and education fund
In Thousands
Balance at May. 31, 2012	$490,755	$7,592	$483,163	$9,199	$473,964	($346,941)	$272,126	$546,366	$2,413
Patronage capital retirement	-35,341	0	-35,341	0	-35,341	0	0	-35,341	0
Net income	72,727	704	72,023	0	72,023	72,023	0	0	0
Other comprehensive income (loss)	382	-11	393	393	0	0	0	0	0
Other	-367	-2	-365	0	-365	0	0	0	-365
Balance at Nov. 30, 2012	528,156	8,283	519,873	9,592	510,281	-274,918	272,126	511,025	2,048
Balance at May. 31, 2013	811,261	11,790	799,471	8,381	791,090	-213,255	410,259	591,581	2,505
Patronage capital retirement	-40,724	0	-40,724	0	-40,724	0	0	-40,724	0
Net income	183,258	2,785	180,473	0	180,473	180,473	0	0	0
Other comprehensive income (loss)	-5,739	-9	-5,730	-5,730	0	0	0	0	0
Other	680	1,095	-415	0	-415	0	0	0	-415
Balance at Nov. 30, 2013	$948,736	$15,661	$933,075	$2,651	$930,424	($32,782)	$410,259	$550,857	$2,090

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$183,258	$72,727
Adjustments to reconcile net income to net cash provided by operating activities	'	'
Amortization of deferred income	-6,104	-4,710
Amortization of debt issuance costs and deferred charges	3,647	3,842
Amortization of discount on long-term debt	2,367	0
Amortization of issuance costs for revolving bank lines of credit	1,332	0
Depreciation	2,838	2,625
Provision for loan losses	2,374	5,305
Provision for (recovery of) guarantee liability	42	-101
Results of operations of foreclosed assets	7,318	5,674
Derivative forward value	-111,760	-961
Changes in operating assets and liabilities:	'	'
Accrued interest and other receivables	-30,795	13,386
Accrued interest payable	-10,795	-6,329
Deferred income	54,502	0
Other	-3,665	4,921
Net cash provided by operating activities	94,559	96,379
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Advances made on loans	-3,941,276	-2,486,149
Principal collected on loans	3,859,164	2,300,104
Net investment in fixed assets	-3,196	-2,961
Proceeds from foreclosed assets	8,567	29,110
Investments in foreclosed assets	-10,020	-57,111
Time deposit investments	-100,000	-250,000
Change in restricted cash	-955	-955
Net cash used in investing activities	-187,716	-467,962
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from issuances of short-term debt, net	64,751	90,853
Proceeds from issuances of short term debt with original maturity greater than 90 days	468,142	322,406
Repayments of short term debt with original maturity greater than 90 days	-324,820	-198,172
Proceeds from issuance of long-term debt	1,769,662	1,254,167
Payments for retirement of long-term debt	-1,713,395	-730,293
Proceeds from issuance of membersb subordinated certificates	1,608	55,548
Payments for retirement of membersb subordinated certificates	-5,945	-6,066
Payments for retirement of patronage capital	-39,630	-33,991
Cash paid portion of debt exchange premium	0	-133,406
Net cash provided by financing activities	217,472	619,599
NET INCREASE IN CASH AND CASH EQUIVALENTS	124,315	248,016
BEGINNING CASH AND CASH EQUIVALENTS	177,062	191,167
ENDING CASH AND CASH EQUIVALENTS	301,377	439,183
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	'	'
Cash paid for interest	336,379	353,383
Cash paid for income taxes	152	89
Non-cash financing and investing activities:	'	'
Net decrease in debt service reserve funds/debt service reserve certificates	-450	0
Collateral trust bonds issued as debt exchange premium	0	39,647
Revolving bank lines of credit	'	'
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Issuance costs for debt	-2,751	-1,447
Subordinated deferrable debt	'	'
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Issuance costs for debt	($150)	$0

General_Information_and_Accoun

General Information and Accounting Policies	6 Months Ended
	Nov. 30, 2013
General Information and Accounting Policies	'
General Information and Accounting Policies	'
		-1	General Information and Accounting Policies
		(a)	Basis of Presentation
	The accompanying financial statements include the consolidated accounts of National Rural Utilities Cooperative Finance Corporation (“CFC”), Rural Telephone Finance Cooperative (“RTFC”), National Cooperative Services Corporation (“NCSC”) and certain entities created and controlled by CFC to hold foreclosed assets and accommodate loan securitization transactions, after elimination of intercompany accounts and transactions.
	Unless stated otherwise, references to “we,” “our” or “us” represent the consolidation of CFC, RTFC, NCSC and certain entities created and controlled by CFC to hold foreclosed assets and accommodate loan securitization transactions. Foreclosed assets are held by two subsidiaries controlled by CFC. Denton Realty Partners, LP (“DRP”) holds a land development loan and a related limited partnership interest. CAH holds our investment in cable and telecommunications operating entities in the United States Virgin Islands (“USVI”), British Virgin Islands and St. Maarten.
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the assets, liabilities, revenue and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. The accounting estimates that require our most significant and subjective judgments include the allowance for loan losses and the determination of the fair value of our derivatives and certain aspects of our foreclosed assets. While we use our best estimates and judgments based on the known facts at the date of the financial statements, actual results could differ from these estimates as future events occur.
	These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2013.
	In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (which consist only of normal recurring accruals) necessary for a fair presentation of our results of operations and financial position for the interim periods presented.
	(b) Variable Interest Entities
	We are required to consolidate the financial results of RTFC and NCSC because CFC is the primary beneficiary of variable interests in RTFC and NCSC due to its exposure to absorbing the majority of their expected losses and because CFC manages the lending activities of RTFC and NCSC. Under separate guarantee agreements, RTFC and NCSC pay CFC a fee to indemnify against loan losses. CFC is the sole lender to and manages the business operations of RTFC through a management agreement in effect until December 1, 2016, which is automatically renewed for one-year terms thereafter unless terminated by either party. CFC is the primary source of funding to and manages the lending activities of NCSC through a management agreement that is automatically renewable on an annual basis unless terminated by either party. NCSC funds its lending programs through loans from CFC or debt guaranteed by CFC. In connection with these guarantees, NCSC must pay a guarantee fee and purchase from CFC interest-bearing subordinated term certificates in proportion to the related guarantee.
	RTFC and NCSC creditors have no recourse against CFC in the event of a default by RTFC and NCSC, unless there is a guarantee agreement under which CFC has guaranteed NCSC or RTFC debt obligations to a third party. At November 30, 2013, CFC had guaranteed $82 million of NCSC debt, derivative instruments and guarantees with third parties, and CFC’s maximum potential exposure for these instruments totaled $89 million. The maturities for NCSC obligations guaranteed by CFC run through 2031. Guarantees of NCSC debt and derivative instruments are not included in Note 10, Guarantees, as the debt and derivatives are reported on the condensed consolidated balance sheet. At November 30, 2013, CFC guaranteed $2 million of RTFC guarantees with third parties. The maturities for RTFC obligations guaranteed by CFC run through 2015 and are renewed on an annual basis. All CFC loans to RTFC and NCSC are secured by all assets and revenue of RTFC and NCSC. At November 30, 2013, RTFC had total assets of $583 million including loans outstanding to members of $467 million, and NCSC had total assets of $757 million including loans outstanding of $732 million. At November 30, 2013, CFC had committed to lend RTFC up to $4,000 million, of which $447 million was outstanding. At November 30, 2013, CFC had committed to provide up to $3,000 million of credit to NCSC, of which $799 million was outstanding, representing $717 million of outstanding loans and $82 million of credit enhancements.
		(c)	Loan Sales
	We account for the sale of loans resulting from direct loan sales to third parties and securitization transactions by removing the financial assets from our condensed consolidated balance sheets when control has been surrendered. We retain the servicing performance obligations on these loans and recognize related servicing fees on an accrual basis over the period for which servicing activity is provided. Deferred transaction costs and unamortized deferred loan origination costs related to the loans sold are included in the calculation of the gain or loss on the sale. We do not hold any continuing interest in the loans sold to date other than servicing performance obligations. We have no obligation to repurchase loans from the purchaser, except in the case of breaches of representations and warranties.
	During the six months ended November 30, 2013 and 2012, we sold CFC loans with outstanding balances totaling $37 million and $98 million, respectively, at par for cash. We recorded a loss on sale of loans, representing the unamortized deferred loan origination costs and transaction costs for the loans sold, which was immaterial during the six months ended November 30, 2013 and 2012.
		(d)	Interest Income
	Interest income on loans is recognized using the effective interest method. The following table presents the components of interest income:
			For the three months ended						For the six months ended
			November 30,						November 30,
	(dollar amounts in thousands)		2013			2012			2013			2012
	Interest on long-term fixed-rate loans		$	221,952		$	218,247		$	446,535		$	436,187
	Interest on long-term variable-rate loans			4,826			4,893			9,654			10,918
	Interest on line of credit loans			7,505			7,413			15,077			15,105
	Interest on restructured loans			-			7,625			136			13,087
	Interest on investments			1,817			1,576			3,753			2,514
	Fee income (1)			3,154			1,876			5,170			3,904
	Total interest income		$	239,254		$	241,630		$	480,325		$	481,715
	(1) Primarily related to conversion fees that are deferred and recognized using the effective interest method over the remaining original loan interest rate pricing term, except for a small portion of the total fee charged to cover administrative costs related to the conversion, which is recognized immediately.
	Deferred income on the condensed consolidated balance sheets primarily includes deferred conversion fees totaling $69 million and $21 million at November 30, 2013 and May 31, 2013, respectively.
		(e)	Interest Expense
	The following table presents the components of interest expense:
			For the three months ended						For the six months ended
			November 30,						November 30,
	(dollar amounts in thousands)		2013			2012			2013			2012
	Interest expense on debt (1):
	Short-term debt		$	1,607		$	1,697		$	3,039		$	3,316
	Medium-term notes			20,980			24,833			42,551			52,716
	Collateral trust bonds			74,858			82,271			151,656			163,710
	Subordinated deferrable debt			4,750			2,807			9,500			5,613
	Subordinated certificates			20,494			20,528			41,120			40,882
	Long-term notes payable			38,759			37,915			76,698			76,311
	Debt issuance costs (2)			1,782			1,905			3,647			3,842
	Fee expense (3)			2,115			2,345			4,719			4,507
	Total interest expense		$	165,345		$	174,301		$	332,930		$	350,897
	(1) Represents interest expense and the amortization of discounts on debt.
	(2) Includes amortization of all deferred charges related to the issuance of debt, principally underwriters’ fees, legal fees, printing costs and comfort letter fees. Amortization is calculated using the effective interest method or a method approximating the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized as incurred.
	(3) Includes various fees related to funding activities, including fees paid to banks participating in our revolving credit agreements.
	We exclude indirect costs, if any, related to funding activities from interest expense.
		(f)	Derivative Financial Instruments
	We are an end user of financial derivative instruments and not a swap dealer. We use derivatives such as interest rate swaps and treasury rate locks to mitigate interest rate risk. Consistent with the accounting standards for derivative financial instruments, we record derivative instruments (including certain derivative instruments embedded in other contracts) on the condensed consolidated balance sheets as either an asset or liability measured at fair value. In recording the fair value of derivative assets and liabilities, we do not net our positions under contracts with individual counterparties. Accrued cash settlements on our derivatives are recorded as accrued interest and other receivables and accrued interest payable line items of the condensed consolidated balance sheet. Changes in the fair value of derivative instruments along with realized gains and losses from cash settlements are recognized in the derivative gains (losses) line item of the condensed consolidated statement of operations unless specific hedge accounting criteria are met.
	We formally document, designate and assess the effectiveness of transactions that receive hedge accounting treatment. If applicable hedge accounting criteria are satisfied, the change in fair value of derivative instruments is recorded to other comprehensive income, and net cash settlements are recorded in interest expense. The gain or loss on derivatives used as a cash flow hedge of a forecasted debt transaction is recorded as a component of other comprehensive income (loss) and amortized as interest expense using the effective interest method over the term of the hedged debt. Any ineffectiveness in the hedging relationship is recognized in the derivative gains (losses) line of the statement of operations.
	Cash activity associated with interest rate swaps is classified as an operating activity in the condensed consolidated statements of cash flows.
		(g)	Reclassifications
	Reclassifications of prior period amounts have been made to conform to the current reporting format and the presentation in our Form 10-Q for the six months ended November 30, 2013. Specifically, time deposits with financial institutions have been reclassified from the investments line item and presented as a separate line item on the condensed consolidated balance sheet as of May 31, 2013.
		(h)	Immaterial Correction of Errors
	During the third quarter of fiscal year 2013, we identified two errors in the condensed consolidated statement of cash flows related to (1) the classification of advances and sale proceeds of loans sold and (2) the presentation of short-term debt with an original maturity of greater than 90 days. We corrected our previously reported condensed consolidated statement of cash flows for the six months ended November 30, 2012 herein to reflect the impact of the immaterial errors. The errors and the corrections have no effect on the change in cash, our total cash balance, liquidity, condensed consolidated balance sheet, condensed consolidated statement of operations, key ratios or covenant compliance for any period. We concluded that the errors were not material to any of the previously reported quarterly or annual periods.
	The effect of recording the correction of the immaterial errors in the condensed consolidated statement of cash flows for the six months ended November 30, 2012, is presented below:
			For the six months ended November 30, 2012
	(dollar amounts in thousands)		As Filed			Adjustment			Corrected
	Advances made on loans		$	(2,584,296	)	$	98,147		$	(2,486,149	)
	Net proceeds from sale of loans			98,147			(98,147	)		-
	Proceeds from issuances of short-term debt, net			215,087			(124,234	)		90,853
	Proceeds from issuances of short term debt with original maturity greater than			-			322,406			322,406
	90 days
	Repayments of short term debt with original maturity greater than 90 days			-			(198,172	)		(198,172	)
(i)	New Accounting Pronouncements
In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update, Disclosures about Offsetting Assets and Liabilities, which requires enhanced disclosures about certain financial assets and liabilities that are subject to enforceable master netting agreements or similar agreements, or that have otherwise been offset on the balance sheet under certain specific conditions that permit net presentation. In January 2013, the Financial Accounting Standards Board issued Accounting Standards Update, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies that the scope of the above guidance is limited to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. The guidance was effective for the Company beginning in the first quarter of fiscal year 2014. See Note 8, Derivative Financial Instruments, for additional disclosures about offsetting assets and liabilities.
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income, which requires enhanced disclosures of the amounts reclassified out of Accumulated Other Comprehensive Income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of Accumulated Other Comprehensive Income by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The guidance was effective for the Company beginning in the first quarter of fiscal year 2014 and did not have a material effect on the condensed consolidated financial statements, as the amounts reclassified out of other comprehensive income are immaterial for all periods presented.

Investments

Investments	6 Months Ended
	Nov. 30, 2013
Investments	'
Investments	'
		-2	Investments
	Our investments include Federal Agricultural Mortgage Corporation Series A preferred stock with a cost basis of $30 million and fair value of  $24 million and $29 million at November 30, 2013 and May 31, 2013, respectively, and an unrealized loss of $6 million and $1 million, respectively, recorded in accumulated other comprehensive income on the condensed consolidated balance sheet. The investment has been in a continuous unrealized loss position for less than twelve months. Management does not intend to sell this investment in the foreseeable future and believes the decline is temporary. Our investment in this Series A preferred stock is classified as available-for-sale and therefore recorded in the condensed consolidated balance sheets at fair value.
	Our investments also include Federal Agricultural Mortgage Corporation Class A common stock with a cost basis of $0.5 million and a fair value of $2.3 million and $2.2 million at November 30, 2013 and May 31, 2013, respectively, and an unrealized gain of $1.8 million and $1.7 million, respectively, recorded in accumulated other comprehensive income on the condensed consolidated balance sheet. Our investment in this Class A common stock is classified as available-for-sale and therefore recorded in the condensed consolidated balance sheets at fair value.

Loans_and_Commitments

Loans and Commitments	6 Months Ended
	Nov. 30, 2013
Loans and Commitments	'
Loans and Commitments	'
	-3	Loans and Commitments
	Loans outstanding to members and unadvanced commitments by loan type and by member class are summarized as follows:
			30-Nov-13						31-May-13
	(dollar amounts in thousands)		Loans			Unadvanced			Loans			Unadvanced
			outstanding			commitments (1)			outstanding			commitments (1)
	Total by loan type (2):
	Long-term fixed-rate loans		$	18,149,347		$	-		$	17,918,268		$	-
	Long-term variable-rate loans			691,568			5,134,559			782,006			4,718,162
	Loans guaranteed by RUS			204,465			-			210,815			-
	Line of credit loans			1,333,050			8,880,648			1,385,228			8,704,586
	Total loans outstanding			20,378,430			14,015,207			20,296,317			13,422,748
	Deferred origination costs			9,790			-			9,557			-
	Less: Allowance for loan losses			-55,199			-			-54,325			-
	Net loans outstanding		$	20,333,021		$	14,015,207		$	20,251,549		$	13,422,748
	Total by member class (2):
	CFC:
	Distribution		$	15,019,692		$	9,414,509		$	14,941,192		$	8,948,826
	Power supply			4,094,415			3,133,967			4,007,669			3,145,518
	Statewide and associate			65,207			107,493			70,956			102,087
	CFC total			19,179,314			12,655,969			19,019,817			12,196,431
	RTFC			466,863			305,649			503,359			317,344
	NCSC			732,253			1,053,589			773,141			908,973
	Total loans outstanding		$	20,378,430		$	14,015,207		$	20,296,317		$	13,422,748
	(1) The interest rate on unadvanced commitments is not set until drawn, therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.
	(2) Includes non-performing and restructured loans.
	Non-performing and restructured loans outstanding and unadvanced commitments to members included in the table on page 12 are summarized as follows by loan type and by company:
			November 30, 2013						May 31, 2013
			Loans			Unadvanced			Loans			Unadvanced
	(dollar amounts in thousands)		outstanding			commitments (1)			outstanding			commitments (1)
	Non-performing and restructured loans:
	Non-performing loans:
	CFC:
	Line of credit loans		$	5,000		$	-		$	5,000		$	-
	RTFC:
	Long-term fixed-rate loans			3,010			-			3,690			-
	Long-term variable-rate loans			2,784			-			6,807			-
	Total non-performing loans		$	10,794		$	-		$	15,497		$	-
	Restructured loans:
	CFC:
	Long-term fixed-rate loans		$	7,584		$	-		$	46,953		$	-
	Line of credit loans (2)			-			-			-			5,000
	Total restructured loans		$	7,584		$	-		$	46,953		$	5,000
	(1) The interest rate on unadvanced commitments is not set until drawn, therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.
	(2) The unadvanced commitment is part of the terms outlined in the related restructure agreement. Loans advanced under these commitments would be classified as performing. Principal and interest due under these performing loans would be in addition to scheduled payments due under the restructured loan agreement.
	Unadvanced Loan Commitments
	A total of $1,948 million and $1,703 million of unadvanced commitments at November 30, 2013 and May 31, 2013, respectively, represented unadvanced commitments related to committed lines of credit loans that are not subject to a material adverse change clause at the time of each loan advance. As such, we will be required to advance amounts on these committed facilities as long as the borrower is in compliance with the terms and conditions of the facility.
	The following table summarizes the available balance under committed lines of credit that are not subject to a material adverse change clause at November 30, 2013, and the related maturities by fiscal year and thereafter as follows:
			Available			Notional maturities of committed lines of credit
	(dollar amounts in thousands)		balance			2014			2015			2016		2017			2018			Thereafter
	Committed lines of credit		$	1,947,800		$	44,048		$	63,776		$	61,000	$	636,111		$	894,080		$	248,785
	The remaining unadvanced commitments totaling $12,067 million and $11,720 million at November 30, 2013 and May 31, 2013, respectively, were generally subject to material adverse change clauses. Prior to making an advance on these facilities, we confirm that there has been no material adverse change in the business or condition, financial or otherwise, of the borrower since the time the loan was approved and confirm that the borrower is currently in compliance with loan terms and conditions. In some cases, the borrower’s access to the full amount of the facility is further constrained by the imposition of borrower-specific restrictions, or by additional conditions that must be met prior to advancing funds.
	Unadvanced commitments related to line of credit loans are typically for periods not to exceed five years and are generally revolving facilities used for working capital and backup liquidity purposes. Historically, we have experienced a very low utilization rate on line of credit loan facilities, whether or not there is a material adverse change clause. Since we generally do not charge a fee on the unadvanced portion of the majority of our loan facilities, our borrowers will typically request long-term facilities to cover maintenance and capital expenditure work plans for periods of up to five years and draw down on the facility over that time. In addition, borrowers will typically request an amount in excess of their immediate estimated loan requirements to avoid the expense related to seeking additional loan funding for unexpected items.
	The above items all contribute to our expectation that the majority of the unadvanced commitments will expire without being fully drawn upon and that the total unadvanced amount does not necessarily represent future cash funding requirements.
	Payment Status of Loans
	The tables below show an analysis of the age of the recorded investment in loans outstanding by member class:
			November 30, 2013
	(dollar amounts in thousands)		30-89 days				90 days or more				Total			Current				Total financing				Non-accrual
			past due				past due (1)				past due							receivables				loans
	CFC:
	Distribution		$	-			$	-			$	-		$	15,019,692			$	15,019,692			$	7,584
	Power supply			-				5,000				5,000			4,089,415				4,094,415				5,000
	Statewide and associate			-				-				-			65,207				65,207				-
	CFC total			-				5,000				5,000			19,174,314				19,179,314				12,584
RTFC			-				3,858				3,858			463,005				466,863				5,794
NCSC			-				-				-			732,253				732,253				-
Total loans outstanding		$	-			$	8,858			$	8,858		$	20,369,572			$	20,378,430			$	18,378
As a % of total loans			0	%			0.04	%			0.04	%		99.96	%			100	%			0.09	%
(1) All loans 90 days or more past due are on non-accrual status.
		May 31, 2013
(dollar amounts in thousands)		30-89 days				90 days or more				Total			Current				Total financing				Non-accrual
		past due				past due (1)				past due							receivables				loans
CFC:
Distribution		$	2,841			$	-			$	2,841		$	14,938,351			$	14,941,192			$	7,584
Power supply			-				5,000				5,000			4,002,669				4,007,669				5,000
Statewide and associate			-				-				-			70,956				70,956				-
CFC total			2,841				5,000				7,841			19,011,976				19,019,817				12,584
RTFC			4,163				4,156				8,319			495,040				503,359				10,497
NCSC			-				-				-			773,141				773,141				-
Total loans outstanding		$	7,004			$	9,156			$	16,160		$	20,280,157			$	20,296,317			$	23,081
As a % of total loans			0.03	%			0.05	%			0.08	%		99.92	%			100	%			0.11	%
(1) All loans 90 days or more past due are on non-accrual status.
Credit Quality
We monitor the credit quality and performance statistics of our financing receivables in an ongoing manner to provide a balance between the credit needs of our members and the requirements for sound credit quality of the loan portfolio. We evaluate the credit quality of our loans using an internal risk rating system that employs similar criteria for all member classes.
Our internal risk rating system is based on a determination of a borrower’s risk of default utilizing both quantitative and qualitative measurements.
We have grouped our risk ratings into the categories of pass and criticized based on the criteria below.
	(i)	Pass: Borrowers that are not experiencing difficulty and/or not showing a potential or well-defined credit weakness.
	(ii)	Criticized: Includes borrowers categorized as special mention, substandard and doubtful as described below:
	·	Special mention: Borrowers that may be characterized by a potential credit weakness or deteriorating financial condition that is not sufficiently serious to warrant a classification of substandard or doubtful.
	·	Substandard: Borrowers that display a well-defined credit weakness that may jeopardize the full collection of principal and interest.
	·	Doubtful: Borrowers that have a well-defined weakness and the full collection of principal and interest is questionable or improbable.
Borrowers included in the pass, special mention, and substandard categories are reflected in the general portfolio of loans. Borrowers included in the doubtful category are reflected in the impaired portfolio of loans. Each risk rating is reassessed annually based on the receipt of the borrower’s audited financial statements; however, interim downgrades and upgrades may take place at any time as significant events or trends occur.
The following table presents our loan portfolio by risk rating category and member class based on available data as of:
		November 30, 2013									May 31, 2013
(dollar amounts in thousands)		Pass			Criticized			Total			Pass		Criticized			Total
CFC:
Distribution		$	15,001,056		$	18,636		$	15,019,692		$	14,922,558	$	18,634		$	14,941,192
Power supply			4,089,415			5,000			4,094,415			4,002,669		5,000			4,007,669
Statewide and associate			64,924			283			65,207			70,668		288			70,956
CFC total			19,155,395			23,919			19,179,314			18,995,895		23,922			19,019,817
RTFC			450,668			16,195			466,863			483,058		20,301			503,359
NCSC			728,482			3,771			732,253			770,419		2,722			773,141
Total loans outstanding		$	20,334,545		$	43,885		$	20,378,430		$	20,249,372	$	46,945		$	20,296,317
Loan Security
Except when providing line of credit loans, we typically lend to our members on a senior secured basis. Long-term loans are typically secured on a parity with other secured lenders (primarily RUS), if any, by all assets and revenue of the borrower with exceptions typical in utility mortgages. Line of credit loans are generally unsecured. In addition to the lien and security interest we receive under the mortgage, our member borrowers are also required to achieve certain financial ratios as required by loan covenants.
The following table summarizes our secured and unsecured loans outstanding by loan type and by company:
		November 30, 2013											May 31, 2013
(dollar amounts in thousands)		Secured			%			Unsecured			%		Secured			%			Unsecured			%
Total by loan type:
Long-term fixed-rate loans		$	17,089,122		94	%		$	1,060,225		6	%	$	16,871,594		94	%		$	1,046,674		6	%
Long-term variable-rate loans			607,643		88				83,925		12			676,075		86				105,931		14
Loans guaranteed by RUS			204,465		100				-		-			210,815		100				-		-
Line of credit loans			303,417		23				1,029,633		77			294,575		21				1,090,653		79
Total loans outstanding		$	18,204,647		89			$	2,173,783		11		$	18,053,059		89			$	2,243,258		11
Total by company:
CFC		$	17,243,451		90	%		$	1,935,863		10	%	$	17,049,029		90	%		$	1,970,788		10	%
RTFC			446,007		96				20,856		4			482,647		96				20,712		4
NCSC			515,189		70				217,064		30			521,383		67				251,758		33
Total loans outstanding		$	18,204,647		89			$	2,173,783		11		$	18,053,059		89			$	2,243,258		11
Loan Loss Allowance
We maintain an allowance for loan losses at a level estimated by management to provide for probable losses inherent in the loan portfolio.
The activity in the loan loss allowance summarized in the tables below reflects a disaggregation by company of the allowance for loan losses by company:
		As of and for the three months ended November 30, 2013
(dollar amounts in thousands)		CFC			RTFC			NCSC			Total
Balance as of August 31, 2013		$	43,336		$	8,497		$	3,823		$	55,656
(Recovery of) provision for loan losses			-627			968			755			1,096
Charge-offs			-			-1,606			-			-1,606
Recoveries of loans previously charged-off			53			-			-			53
Balance as of November 30, 2013		$	42,762		$	7,859		$	4,578		$	55,199
		As of and for the three months ended November 30, 2012
(dollar amounts in thousands)		CFC			RTFC			NCSC			Total
Balance as of August 31, 2012		$	136,781		$	8,877		$	6,843		$	152,501
(Recovery of) provision for loan losses			-3,256			-563			2			-3,817
Recoveries of loans previously charged-off			53			-			-			53
Balance as of November 30, 2012		$	133,578		$	8,314		$	6,845		$	148,737
		As of and for the six months ended November 30, 2013
(dollar amounts in thousands)		CFC			RTFC			NCSC			Total
Balance as of May 31, 2013		$	41,246		$	9,158		$	3,921		$	54,325
Provision for loan losses			1,410			307			657			2,374
Charge-offs			-			-1,606			-			-1,606
Recoveries of loans previously charged-off			106			-			-			106
Balance as of November 30, 2013		$	42,762		$	7,859		$	4,578		$	55,199
		As of and for the six months ended November 30, 2012
(dollar amounts in thousands)		CFC			RTFC			NCSC			Total
Balance as of May 31, 2012		$	126,941		$	8,562		$	7,823		$	143,326
Provision for (recovery of) loan losses			6,531			-248			-978			5,305
Recoveries of loans previously charged-off			106			-			-			106
Balance as of November 30, 2012		$	133,578		$	8,314		$	6,845		$	148,737
Our allowance for loan losses includes a specific valuation allowance related to individually-evaluated impaired loans, as well as a general reserve for other probable incurred losses for loans that are collectively evaluated. The tables below present the loan loss allowance and the recorded investment in outstanding loans by impairment methodology and by company:
		November 30, 2013
(dollar amounts in thousands)		CFC			RTFC			NCSC			Total
Ending balance of the allowance:
Collectively evaluated		$	42,762		$	6,041		$	4,578		$	53,381
Individually evaluated			-			1,818			-			1,818
Total ending balance of the allowance		$	42,762		$	7,859		$	4,578		$	55,199
Recorded investment in loans:
Collectively evaluated		$	19,166,730		$	461,069		$	732,253		$	20,360,052
Individually evaluated			12,584			5,794			-			18,378
Total recorded investment in loans		$	19,179,314		$	466,863		$	732,253		$	20,378,430
Loans to members, net (1)		$	19,136,552		$	459,004		$	727,675		$	20,323,231
		May 31, 2013
(dollar amounts in thousands)		CFC			RTFC			NCSC			Total
Ending balance of the allowance:
Collectively evaluated		$	41,246		$	5,731		$	3,921		$	50,898
Individually evaluated			-			3,427			-			3,427
Total ending balance of the allowance		$	41,246		$	9,158		$	3,921		$	54,325
Recorded investment in loans:
Collectively evaluated		$	18,967,864		$	492,862		$	773,141		$	20,233,867
Individually evaluated			51,953			10,497			-			62,450
Total recorded investment in loans		$	19,019,817		$	503,359		$	773,141		$	20,296,317
Loans to members, net (1)		$	18,978,571		$	494,201		$	769,220		$	20,241,992
(1) Excludes deferred origination costs of  $10 million at November 30, 2013 and May 31, 2013.
Impaired Loans
Our recorded investment in individually-impaired loans and the related specific valuation allowance is summarized below by member class:
		November 30, 2013						May 31, 2013
(dollar amounts in thousands)		Recorded			Related			Recorded			Related
		investment			allowance			investment			allowance
With no specific allowance recorded:
CFC/Distribution		$	7,584		$	-		$	46,953		$	-
CFC/Power Supply			5,000			-			5,000			-
Total			12,584			-			51,953			-
With a specific allowance recorded:
RTFC			5,794			1,818			10,497			3,427
Total			5,794			1,818			10,497			3,427
Total impaired loans		$	18,378		$	1,818		$	62,450		$	3,427
The recorded investment for impaired loans was equal to the total unpaid principal balance for impaired loans as of November 30, 2013 and May 31, 2013. The table below represents the average recorded investment in impaired loans and the interest income recognized by member class:
		For the three months ended November 30,
		2013			2012			2013			2012
(dollar amounts in thousands)		Average recorded investment						Interest income recognized
CFC/Distribution		$	7,584		$	70,706		$	-		$	7,625
CFC/Power Supply			5,000			5,000			-			-
RTFC			7,295			6,618			-			-
Total impaired loans		$	19,879		$	82,324		$	-		$	7,625
		For the six months ended November 30,
		Average recorded investment						Interest income recognized
(dollar amounts in thousands)		2013			2012			2013			2012
CFC/Distribution		$	14,116		$	277,891		$	136		$	13,087
CFC/Power Supply			5,000			5,000			-			-
RTFC			8,838			6,754			-			-
Total impaired loans		$	27,954		$	289,645		$	136		$	13,087
Non-performing and Restructured Loans
Foregone interest income as a result of holding loans on non-accrual status:
		For the three months ended						For the six months ended
		November 30,						November 30,
(dollar amounts in thousands)		2013			2012			2013			2012
Non-performing loans		$	142		$	373		$	321		$	780
Restructured loans			122			-			244			-
Total		$	264		$	373		$	565		$	780
At November 30, 2013 and May 31, 2013, non-performing loans totaled $11 million or 0.1 percent, of loans outstanding and $15 million or 0.1 percent, of loans outstanding, respectively. One borrower in this group is currently in bankruptcy. The members of the borrower filed a disclosure statement and draft plan of liquidation on October 18, 2013. Certain secured noteholders filed a disclosure statement and draft plan of reorganization on December 17, 2013. Each disclosure statement and plan is subject to certain changes, approval of the bankruptcy court and voting by impaired creditors. A status conference and hearing on both disclosure statements is scheduled for January 14, 2014. Another borrower in this group is contesting a ruling that it is required to repay state Universal Service Fund (“USF”) payments received. There is one other borrower in this group that is currently seeking a buyer for its system, as it is not anticipated that it will have sufficient cash flow to repay its loans without the proceeds from the sale of the business. It is currently anticipated that even with the sale of the business, there will not be sufficient funds to repay the full amount owed. We have approval rights with respect to the sale of this company.
At November 30, 2013 and May 31, 2013, we had restructured loans totaling $8 million, or 0.04 percent, of loans outstanding and $47 million, or 0.2 percent, of loans outstanding, respectively, all of which were performing according to their restructured terms. No interest income was accrued on restructured loans during the three months ended November 30, 2013 compared to $8 million of interest income during the prior-year period. Approximately $0.1 million of interest income was accrued on restructured loans during the six months ended November 30, 2013,  compared with $ 13 million of interest income in the prior-year period. One of the restructured loans totaling $39 million at May 31, 2013, was refinanced without concession during the first quarter of fiscal year 2014, with the new loan classified as performing at November 30, 2013. This loan was on accrual status since the time of restructuring. At November 30, 2013, all restructured loans were on non-accrual status.
We believe our allowance for loan loss is adequate to cover the losses inherent in our loan portfolio at November 30, 2013.
Pledging of Loans and Loans on Deposit
We are required to pledge eligible mortgage notes in an amount at least equal to the outstanding balance of our secured debt.
The following table summarizes our loans outstanding as collateral pledged to secure our collateral trust bonds, Clean Renewable Energy Bonds and notes payable to the Federal Agricultural Mortgage Corporation and the amount of the corresponding debt outstanding (see Note 5, Short-Term Debt and Credit Arrangements and Note 6, Long-Term Debt).
(dollar amounts in thousands)		November 30, 2013			May 31, 2013
Collateral trust bonds:
2007 indenture
Distribution system mortgage notes		$	5,536,853		$	5,674,804
RUS guaranteed loans qualifying as permitted investments			163,630			165,823
Total pledged collateral		$	5,700,483		$	5,840,627
Collateral trust bonds outstanding			4,579,372			4,679,372
1994 indenture
Distribution system mortgage notes		$	1,599,727		$	1,641,858
Collateral trust bonds outstanding			1,460,000			1,465,000
Federal Agricultural Mortgage Corporation:
Distribution and power supply system mortgage notes		$	1,693,828		$	1,795,947
Notes payable outstanding			1,529,286			1,542,474
Clean Renewable Energy Bonds Series 2009A:
Distribution and power supply system mortgage notes		$	22,467		$	23,536
Cash			8,651			7,634
Total pledged collateral		$	31,118		$	31,170
Notes payable outstanding			19,888			19,888
We are required to maintain collateral on deposit in an amount at least equal to the balance of debt outstanding to the Federal Financing Bank of the United States Treasury issued under the Guaranteed Underwriter program of the U.S. Department of Agriculture (the “Guaranteed Underwriter Program”). See Note 6, Long-Term Debt.
The following table shows the collateral on deposit and the amount of the corresponding debt outstanding:
(dollar amounts in thousands)		November 30, 2013			May 31, 2013
Federal Financing Bank
Distribution and power supply system mortgage notes on deposit		$	4,453,299		$	3,903,786
Notes payable outstanding			3,999,000			3,674,000

Foreclosed_Assets

Foreclosed Assets	6 Months Ended
	Nov. 30, 2013
Foreclosed Assets	'
Foreclosed Assets	'
	-4	Foreclosed Assets
	Assets received in satisfaction of loan receivables are initially recorded at fair value when received and are subsequently evaluated periodically for impairment. These assets are classified on the condensed consolidated balance sheets as foreclosed assets. At November 30, 2013, all foreclosed assets were held by DRP and CAH, which are wholly-owned subsidiaries of CFC.
	The activity for foreclosed assets is summarized below:
			As of and for the six months ended November 30, 2013
	(dollar amounts in thousands)		CAH		DRP		Total
	Balance as of May 31, 2013		$	248,049	$	13,423	$	261,472
	Results of operations			-6,651		-667		-7,318
	Cash investments (proceeds)			5,953		-4,500		1,453
	Balance as of November 30, 2013		$	247,351	$	8,256	$	255,607
	During the six months ended November 30, 2013, our investment in the DRP foreclosed assets decreased primarily due to net cash proceeds received of $4 million from the sale of raw land and developed lots.

ShortTerm_Debt_and_Credit_Arra

Short-Term Debt and Credit Arrangements	6 Months Ended
	Nov. 30, 2013
Short-Term Debt and Credit Arrangements	'
Short-Term Debt and Credit Arrangements	'
	-5	Short-Term Debt and Credit Arrangements
	The following is a summary of short-term debt outstanding:
			November 30,		May 31,
	(dollar amounts in thousands)		2013		2013
	Short-term debt:
	Commercial paper sold through dealers, net of discounts (1)		$	1,876,868	$	2,009,884
	Commercial paper sold directly to members, at par (1)			1,011,155		812,141
	Commercial paper sold directly to non-members, at par (1)			25,006		39,298
	Select notes			588,590		358,390
	Daily liquidity fund notes sold directly to members			606,586		680,419
	Bank bid notes			150,000		150,000
	Subtotal short-term debt			4,258,205		4,050,132
	Long-term debt maturing within one year:
	Medium-term notes sold through dealers			607,472		989,607
	Medium-term notes sold to members			416,998		391,318
	Secured collateral trust bonds			604,994		1,504,949
	Loan and gurantees subordinated certificates			37,827		37,176
	Member capital securities			85,615		-
	Secured notes payable			451,972		742,402
	Unsecured notes payable			3,907		3,899
	Total long-term debt maturing within one year			2,208,785		3,669,351
	Total short-term debt		$	6,466,990	$	7,719,483
	(1) Backup liquidity is provided by our revolving credit agreements.
	Revolving Credit Agreements
	At November 30, 2013 and May 31, 2013, we had $3,345 million and $3,100 million, respectively, of commitments under revolving credit agreements. We may request letters of credit for up to $100 million under each agreement in place at November 30, 2013, which then reduces the amount available under the facility. Our bank lines of credit may be used for general corporate purposes; however, we use them primarily as backup liquidity for dealer and member commercial paper.
	The following table presents the total available and the outstanding letters of credit under our revolving credit agreements:
			Total available				Letters of credit outstanding
			November 30,		May 31,		November 30,		May 31,			Facility fee per
	(dollar amounts in thousands)		2013		2013		2013		2013		Maturity	year (1)
	Three-year agreement		$	219,000	$	219,000	$	-	$	-	21-Mar-14	15 basis points
	Three-year agreement			1,006,000		916,000		-		-	28-Oct-16	10 basis points
	Four-year agreement			1,087,500		1,007,500		-		-	28-Oct-17	10 basis points
	Five-year agreement			1,030,609		954,012		1,891		3,488	28-Oct-18	10 basis points
	Total		$	3,343,109	$	3,096,512	$	1,891	$	3,488
	(1) Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.
	On October 28, 2013, we amended our $1,006 million three-year, $1,088 million four-year, and $1,033 million five-year revolving credit agreements to extend the maturity dates for the three-year, four-year, and five-year revolving credit agreements to October 28, 2016, 2017 and 2018, respectively. The other terms of the facilities remain unchanged.
	The following represents our required and actual financial ratios under the revolving credit agreements:
					Actual
			Requirement		November 30, 2013		May 31, 2013
	Minimum average adjusted TIER over the six most recent			1.025		1.27		1.27
	fiscal quarters (1)
	Minimum adjusted TIER for the most recent fiscal year (1) (2)			1.05		1.29		1.29
	Maximum ratio of adjusted senior debt to total equity (1)			10		5.74		5.85
	(1) In addition to the adjustments made to the leverage ratio set forth in the Non-GAAP Financial Measures section, senior debt excludes guarantees to member systems that have certain investment-grade ratings from Moody’s Investors Service and Standard & Poor’s Corporation. The TIER and debt-to-equity calculations include the adjustments set forth in the Non-GAAP Financial Measures section and exclude the results of operations for CAH.
	(2) We must meet this requirement to retire patronage capital.
	At November 30, 2013 and May 31, 2013, we were in compliance with all covenants and conditions under our revolving credit agreements and there were no borrowings outstanding under these agreements.

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Nov. 30, 2013
Long-Term Debt	'
Long-Term Debt	'
	-6	Long-Term Debt
	The following is a summary of long-term debt outstanding:
			November 30,		May 31,
			2013		2013
	(dollar amounts in thousands)
	Unsecured long-term debt:
	Medium-term notes sold through dealers		$	1,780,416	$	1,528,424
	Medium-term notes sold to members			143,280		182,790
	Subtotal			1,923,696		1,711,214
	Unamortized discount			-620		-627
	Total unsecured medium-term notes			1,923,076		1,710,587
	Unsecured notes payable			4,034,075		3,709,074
	Unamortized discount			-845		-920
	Total unsecured notes payable			4,033,230		3,708,154
	Total unsecured long-term debt			5,956,306		5,418,741
	Secured long-term debt:
	Collateral trust bonds			5,434,372		4,639,372
	Unamortized discount			-179,976		-181,640
	Total secured collateral trust bonds			5,254,396		4,457,732
	Secured notes payable			1,097,202		819,960
	Total secured long-term debt			6,351,598		5,277,692
	Total long-term debt		$	12,307,904	$	10,696,433
	In June 2013, we issued $400 million of 2.35 percent collateral trust bonds due 2020 and in November 2013, we issued  $400 million of 3.40 percent collateral trust bonds due 2023. On December 16, 2013, we redeemed $150 million of our $600 million 4.75 percent collateral trust bonds due March 1, 2014. The premium and unamortized issuance costs totaling $1.4 million will be recorded during the third quarter of fiscal 2014.
	At November 30, 2013 and May 31, 2013, we had unsecured notes payable totaling $3,999 million and $3,674 million, respectively, outstanding under bond purchase agreements with the Federal Financing Bank and a bond guarantee agreement with RUS issued under the Guaranteed Underwriter program, which provides guarantees to the Federal Financing Bank. During the six months ended November 30, 2013, we borrowed $325 million under our committed loan facilities with the Federal Financing Bank. On November 21, 2013, we closed on a $500 million commitment from RUS to guarantee a loan from the Federal Financing Bank as part of the Guaranteed Underwriter Program that is available for advance through October 15, 2016. Advances under this facility have a 20 year maturity repayment period. In the aggregate at November 30, 2013, we had up to $924 million available under committed loan facilities from the Federal Financing Bank as part of this program.
	At November 30, 2013 and May 31, 2013, secured notes payable include $1,529 million and $1,542 million, respectively, in debt outstanding to the Federal Agricultural Mortgage Corporation under a note purchase agreement totaling $3,900 million. Under the terms of the note purchase agreement, we can borrow up to $3,900 million at any time from the date of the agreement through January 11, 2016, and thereafter automatically extend the agreement on each anniversary date of the closing for an additional year, unless prior to any such anniversary date, the Federal Agricultural Mortgage Corporation provides CFC with a notice that the draw period will not be extended beyond the remaining term.
	The agreement with the Federal Agricultural Mortgage Corporation is a revolving credit facility that allows us to borrow, repay and re-borrow funds at any time through maturity or from time to time as market conditions permit, provided that the principal amount at any time outstanding under the note purchase agreement is not more than the total available under the agreement. We are required to pledge eligible distribution system or power supply system loans as collateral in an amount at least equal to the total principal amount of notes outstanding under the agreement. See Note 3, Loans and Commitments, for additional information on the collateral pledged to secure notes payable under these programs. At November 30, 2013 and May 31, 2013, $450 million and $741 million, respectively, in debt outstanding to the Federal Agricultural Mortgage Corporation had a remaining maturity of less than one year and was classified as short-term debt.

Subordinated_Deferrable_Debt

Subordinated Deferrable Debt	6 Months Ended
	Nov. 30, 2013
Subordinated Deferrable Debt	'
Subordinated Deferrable Debt	'
	-7	Subordinated Deferrable Debt
	At November 30, 2013 and May 31, 2013, we had $400 million of 4.75 percent subordinated deferrable debt outstanding due 2043. Subordinated deferrable debt currently outstanding is callable at par on or after April 30, 2023.

Derivative_Financial_Instrumen

Derivative Financial Instruments	6 Months Ended
	Nov. 30, 2013
Derivative Financial Instruments	'
Derivative Financial Instruments	'
	-8	Derivative Financial Instruments
	We are an end user of financial derivative instruments and not a swap dealer. We utilize derivatives such as interest rate swaps and treasury rate locks for forecasted transactions to mitigate interest rate risk.
	The following table shows the notional amounts outstanding and the weighted-average rate paid and received for our interest rate swaps by type:
			November 30, 2013						May 31, 2013
					Weighted-		Weighted-				Weighted-		Weighted-
			Notional		average		average		Notional		average		average
	(dollar amounts in thousands)		amount		rate paid		rate received		amount		rate paid		rate received
	Pay fixed-receive variable	$	5,446,222		3.35	%	0.23	%	$	5,287,889	3.39	%	0.26	%
	Pay variable-receive fixed		2,925,440		0.95		4.06			3,500,440	1.12		4.62
	Total interest rate swaps	$	8,371,662		2.51		1.57		$	8,788,329	2.49		2
	The derivative gains (losses) line item of the condensed consolidated statement of operations includes cash settlements and derivative forward value for derivative instruments that do not meet hedge accounting criteria. Gains and losses recorded on the condensed consolidated statements of operations for our interest rate swaps are summarized below:
			For the three months ended				For the six months ended
			November 30,				November 30,
	(dollar amounts in thousands)		2013		2012		2013		2012
	Derivative cash settlements		$	-19,471	$	-15,456	$	-36,156	$	-29,319
	Derivative forward value			-11,309		11,690		111,760		961
	Derivative (losses) gains		$	-30,780	$	-3,766	$	75,604	$	-28,358
	Rating Triggers
	Some of our interest rate swaps have credit risk-related contingent features referred to as rating triggers. Rating triggers are not separate financial instruments and are not required to be accounted for separately as derivatives. At November 30, 2013, the following notional amounts of derivative instruments had rating triggers based on our senior unsecured credit ratings from Moody’s Investors Service or Standard & Poor’s Corporation falling to a level specified in the applicable agreements and are grouped into the categories below. In calculating the payments and collections required upon termination, we netted the agreements for each counterparty, as allowed by the underlying master agreements. At November 30, 2013, our senior unsecured credit ratings from Moody’s Investors Service and Standard & Poor’s Corporation were A2 and A, respectively. At November 30, 2013, both Moody’s Investors Service and Standard & Poor’s Corporation had our ratings on stable outlook.
			Notional		Our required		Amount we		Net
	(dollar amounts in thousands)		amount		payment		would collect		total
	Mutual rating trigger if ratings:
	fall to Baa1/BBB+ (1)		$	1,500	$	-40	$	-	$	-40
	fall below Baa1/BBB+ (1)			6,627,731		-162,986		88,745		-74,241
	Total		$	6,629,231	$	-163,026	$	88,745	$	-74,281
	(1) Stated senior unsecured credit ratings are for Moody’s Investors Service and Standard & Poor’s Corporation, respectively. Under these rating triggers, if the credit rating for either counterparty falls to the level specified in the agreement, the other counterparty may, but is not obligated to, terminate the agreement. If either counterparty terminates the agreement, a net payment may be due from one counterparty to the other based on the fair value, excluding credit risk, of the underlying derivative instrument.
	In addition to the rating triggers listed on page 21, at November 30, 2013, we had a total notional amount of $450 million of derivative instruments with one counterparty that would require the pledging of collateral totaling $11 million (the fair value of such derivative instruments excluding credit risk) if our senior unsecured ratings from Moody’s Investors Service were to fall below Baa2 or if the ratings from Standard & Poor’s Corporation were to fall below BBB. The aggregate fair value of all interest rate swaps with rating triggers that were in a net liability position at November 30, 2013, including credit risk, was $171 million.
	Offsetting Derivatives Assets and Liabilities
	As noted previously, all of our master swap agreements include netting provisions that allow for offsetting of all contracts with a given counterparty in the event of default by one of the two parties to the transaction. Notwithstanding netting provisions, our derivative assets and liabilities are not offset in the accompanying condensed consolidated balance sheets. The following table provides information on the gross fair value of derivative assets and liabilities and the gross amounts that are not offset in the condensed consolidated balance sheets.
			November 30, 2013
							Net amounts of		Gross amounts
					Gross amounts		assets/liabilities		not offset in the condensed
					offset in the		presented		consolidated balance sheets
			Gross amounts		condensed		in the condensed				Cash
			of recognized		consolidated		consolidated		Financial		collateral		Net
	(dollar amounts in thousands)		assets/liabilities		balance sheets		balance sheets		instruments		pledged		amount
	Assets:
	Derivatives - Interest rate swaps		$	291,757	$	-	$	291,757	$	212,917	$	-	$	78,840
	Liabilities:
	Derivatives - Interest rate swaps			397,695		-		397,695		212,917		-		184,778
			May 31, 2013
							Net amounts of		Gross amounts
					Gross amounts		assets/liabilities		not offset in the condensed
					offset in the		presented		consolidated balance sheets
			Gross amounts		condensed		in the condensed				Cash
			of recognized		consolidated		consolidated		Financial		collateral		Net
	(dollar amounts in thousands)		assets/liabilities		balance sheets		balance sheets		instruments		pledged		amount
	Assets:
	Derivatives - Interest rate swaps		$	257,878	$	-	$	257,878	$	203,161	$	-	$	54,717
	Liabilities:
	Derivatives - Interest rate swaps			475,278		-		475,278		203,161		-		272,117

Equity

Equity	6 Months Ended
	Nov. 30, 2013
Equity	'
Equity	'
	-9	Equity
	In May 2013, the CFC Board of Directors authorized the allocation of $1 million of fiscal year 2013 net earnings to the cooperative educational fund. In July 2013, the CFC Board of Directors authorized the allocation of the fiscal year 2013 net earnings as follows: $138 million to the members’ capital reserve and $81 million to members in the form of patronage capital. In July 2013, the CFC Board of Directors authorized the retirement of allocated net earnings totaling $41 million, representing 50 percent of the fiscal year 2013 allocation. This amount was returned to members in cash on October 1, 2013. Future allocations and retirements of net earnings may be made annually as determined by the CFC Board of Directors with due regard for its financial condition. The CFC Board of Directors has the authority to change the current practice for allocating and retiring net earnings at any time, subject to applicable laws and regulations.

Guarantees

Guarantees	6 Months Ended
	Nov. 30, 2013
Guarantees	'
Guarantees	'
	-10	Guarantees
	The following table summarizes total guarantees by type of guarantee and member class:
			November 30,			May 31,
	(dollar amounts in thousands)		2013			2013
	Total by type:
	Long-term tax-exempt bonds		$	526,990		$	547,970
	Letters of credit			451,594			447,683
	Other guarantees			115,645			117,118
	Total		$	1,094,229		$	1,112,771
	Total by member class:
	CFC:
	Distribution		$	224,521		$	245,265
	Power supply			813,891			810,900
	Statewide and associate			5,397			6,948
	CFC total			1,043,809			1,063,113
	RTFC			2,304			3,711
	NCSC			48,116			45,947
	Total		$	1,094,229		$	1,112,771
	The maturities for the long-term tax-exempt bonds and the related guarantees run through calendar year 2042. Amounts in the table represent the outstanding principal amount of the guaranteed bonds. At November 30, 2013, our maximum potential exposure for the $74 million of fixed-rate tax-exempt bonds is $121 million, representing principal and interest. Of the amounts shown in the table above for long-term tax-exempt bonds, $453 million and $473 million as of November 30, 2013 and May 31, 2013, respectively, are adjustable or floating-rate bonds that may be converted to a fixed rate as specified in the applicable indenture for each bond offering. We are unable to determine the maximum amount of interest that we could be required to pay related to the remaining adjustable and floating-rate bonds. Many of these bonds have a call provision that in the event of a default allow us to trigger the call provision. This would limit our exposure to future interest payments on these bonds. Our maximum potential exposure is secured by a mortgage lien on all of the member system’s assets and future revenue. If the debt is accelerated because of a determination that the interest thereon is not tax-exempt, the system’s obligation to reimburse us for any guarantee payments will be treated as a long-term loan.
	The maturities for letters of credit run through calendar year 2024. The amounts shown in the table above represent our maximum potential exposure, of which $161 million is secured at November 30, 2013. Security provisions include a mortgage lien on substantially all of the system’s assets, future revenue and the system’s investment in our commercial paper.
	In addition to the letters of credit listed in the table, under master letter of credit facilities in place at November 30, 2013, we may be required to issue up to an additional $172 million in letters of credit to third parties for the benefit of our members. As of November 30, 2013, all of our master letter of credit facilities were subject to material adverse change clauses at the time of issuance. Also, at November 30, 2013 we had hybrid letter of credit facilities totaling $1,371 million that represent commitments that may be used for the issuance of letters of credit or line of credit loan advances, at the option of a borrower, and are included in unadvanced loan commitments for line of credit loans reported in Note 3, Loans and Commitments. Hybrid letter of credit facilities subject to material adverse change clauses at the time of issuance totaled $352 million at November 30, 2013. Prior to issuing a letter of credit, we would confirm that there has been no material adverse change in the business or condition, financial or otherwise, of the borrower since the time the loan was approved and confirm that the borrower is currently in compliance with the letter of credit terms and conditions. The remaining commitment under hybrid letter of credit facilities of $1,019 million may be used for the issuance of letters of credit as long as the borrower is in compliance with the terms and conditions of the facility.
	The maturities for other guarantees listed in the table run through calendar year 2025. The maximum potential exposure for these other guarantees is $117 million, all of which is unsecured.
	At November 30, 2013 and May 31, 2013, we had $406 million and $410 million of guarantees, respectively, representing 37 percent of total guarantees for each period, under which our right of recovery from our members was not secured.
	At November 30, 2013, we were the liquidity provider for a total of $578 million of variable-rate tax-exempt bonds issued for our member cooperatives. As liquidity provider on these $578 million of tax-exempt bonds, we are required to purchase bonds that are tendered or put by investors. Investors provide notice to the remarketing agent that they will tender or put a certain amount of bonds at the next interest rate reset date. If the remarketing agent is unable to sell such bonds to other investors by the next interest rate reset date, we have unconditionally agreed to purchase such bonds. On a total of $453 million of the bonds for which we are liquidity provider, we also provide a guarantee of all principal and interest, which is shown in the chart on page 23 as a tax-exempt bond guarantee. On a total of $125 million of tax-exempt bonds, our obligation as liquidity provider is in the form of a letter of credit which is reflected in our letters of credit. During the six months ended November 30, 2013, we were not required to perform as liquidity provider pursuant to these obligations.
	Guarantee Liability
	At November 30, 2013 and May 31, 2013, we recorded a guarantee liability of $24 million and $25 million, respectively, which represents the contingent and non-contingent exposures related to guarantees and liquidity obligations associated with our members’ debt. The contingent guarantee liability at November 30, 2013 and May 31, 2013 was $2 million based on management’s estimate of exposure to losses within the guarantee portfolio. The remaining balance of the total guarantee liability of $22 million and $23 million, respectively, at November 30, 2013 and May 31, 2013 relates to our non-contingent obligation to stand ready to perform over the term of our guarantees and liquidity obligations that we have entered into or modified since January 1, 2003.
	Activity in the guarantee liability account is summarized below:
			As of and for the
			six months ended
	(dollar amounts in thousands)		November 30, 2013
	Beginning balance as of May 31, 2013		$	24,742
	Net change in non-contingent liability			-850
	Provision for contingent guarantee liability			42
	Ending balance as of November 30, 2013		$	23,934
	Liability as a percentage of total guarantees			2.19	%

Fair_Value_Measurement

Fair Value Measurement	6 Months Ended
	Nov. 30, 2013
Fair Value Measurement	'
Fair Value Disclosures	'
	-11	Fair Value Measurement
	Fair Value
	Assets and liabilities measured at fair value on either a recurring or non-recurring basis on the condensed consolidated balance sheets at November 30, 2013 and May 31, 2013 consisted of investments in common stock and preferred stock, derivative instruments, and collateral-dependent non-performing loans.
	Assets and Liabilities Measured at Fair Value on a Recurring Basis
	We account for derivative instruments in the condensed consolidated balance sheets as either an asset or liability measured at fair value. There is not an active secondary market for the types of interest rate swaps we use. Our process to estimate the fair value of our derivative instruments involves multiple steps including consideration of indicative quotes from counterparties and use of a discounted cash flow model. We obtain indicative quotes from the interest rate swap counterparties to estimate fair value on a quarterly basis. The indicative quotes are based on the expected future cash flow and the estimated yield curve.
	We perform analysis to validate the indicative quotes obtained from our swap counterparties and investigate any significant differences. We adjust the market values received from the counterparties using credit default swap levels for us and the counterparties. The credit default swap levels represent the credit risk premium required by a market participant based on the available information related to us and the counterparty. We only enter into swap agreements with counterparties that are participating in our revolving lines of credit at the time the exchange agreements are executed. All of our swap agreements are subject to master netting agreements.
	Our valuation technique for interest rate swaps is based on discounted cash flows and we utilize observable inputs, which reflect market data. To calculate fair value, we determine the forward curve. The forward curve allows us to determine the projected floating rate cash flows and the discount factors needed to calculate the net present value of each interest payment. The significant observable inputs for our derivatives include Spot LIBOR rates, Eurodollar futures contracts, and market swap rates.
	Fair values for our interest rate swaps are classified as a Level 2 valuation. We record the change in the fair value of our derivatives for each reporting period in the derivative gains (losses) line, included in non-interest income in the condensed consolidated statements of operations, as currently none of our derivatives qualify for hedge accounting.
	Our investments in equity securities include investments in the Federal Agricultural Mortgage Corporation Class A common stock and Series A preferred stock and are recorded in the condensed consolidated balance sheet at fair value. We calculate fair value of the investments based on the quoted price on the stock exchange where the stock is traded. That stock exchange is an active market based on the volume of shares transacted. Fair values for these securities are classified as a Level 1 valuation. For the three and six months ended November 30, 2013 we recorded an unrealized loss of $1 million and $5 million, respectively, compared to an unrealized gain of $1 million for the prior-year periods in accumulated other comprehensive income on the condensed consolidated balance sheet.
	Deferred compensation investments are recorded in the condensed consolidated balance sheets in the other assets category at fair value. We calculate fair value based on the quoted price on the stock exchange where the funds are traded. That stock exchange is an active market based on the volume of shares transacted. The amounts are invested in highly liquid indices and mutual funds and are classified within Level 1 of the fair value hierarchy.
	The following table presents our assets and liabilities that are measured at fair value on a recurring basis:
			November 30, 2013				May 31, 2013
	(dollar amounts in thousands)		Level 1		Level 2			Level 1		Level 2
	Derivative assets		$	-	$	291,757	$	-	$	257,878
	Derivative liabilities			-		397,695		-		475,278
	Investments in common and preferred stock			26,388		-		31,632		-
	Deferred compensation investments			4,169		-		3,716		-
	Assets and Liabilities Measured at Fair Value on a Non-recurring Basis
	We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis in accordance with GAAP. Any adjustments to fair value usually result from application of lower-of-cost or fair value accounting or write-downs of individual assets. At November 30, 2013 and May 31, 2013, we measured certain collateral-dependent non-performing loans at fair value. We utilize the collateral fair value underlying the loan in estimating the specific loan loss allowance. To estimate the fair value of the collateral, we may use third party valuation specialists, internal estimates or a combination of both. The valuation technique used to determine fair value of the non-performing loans provided by both our internal staff and third party specialists includes market multiples (i.e., comparable companies). The significant unobservable inputs used in the determination of fair value include EBITDA multiples ranging from 3.5x to 5.0x. The material inputs used in estimating fair value by both internal staff and third party specialists are Level 3 within the fair value hierarchy. In these instances, the valuation is considered to be a non-recurring item. The significant unobservable inputs for Level 3 assets that are valued using fair values obtained from third party specialists are reviewed by our Credit Risk Management group to assess the reasonableness of the assumptions used and the accuracy of the work performed. In cases where we rely on third party inputs, we use the final unadjusted third party valuation analysis as support for any financial statement adjustments and disclosures to the financial statements. The valuation techniques and significant unobservable inputs for assets classified as Level 3 in the fair value hierarchy, which are measured using an internal model, are independently reviewed by other internal staff.
	Assets measured at fair value on a non-recurring basis at November 30, 2013 and May 31, 2013, were classified as Level 3 within the fair value hierarchy. Any increase or decrease to significant unobservable inputs used in the determination of fair value will not have a material impact on the fair value measurement of those assets or to the results of operations of the Company. For the three and six months ended November 30, 2013 and 2012, respectively, there were no losses on our non-performing loans.  The following table provides the carrying/fair value of the related individual assets at November 30, 2013 and May 31, 2013:
			Level 3 Fair Value
	(dollar amounts in thousands)		November 30,		May 31,
			2013		2013
	Non-performing loans, net of specific reserves		$	8,976	$	12,070

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	6 Months Ended
	Nov. 30, 2013
Fair Value of Financial Instruments	'
Fair Value of Financial Instruments	'
	-12	Fair Value of Financial Instruments
	Carrying and fair values for our financial instruments are presented as follows:
			November 30, 2013				May 31, 2013
	(dollar amounts in thousands)		Carrying value		Fair value		Carrying value		Fair value
	Assets:
	Cash and cash equivalents		$	301,377	$	301,377	$	177,062	$	177,062
	Restricted cash			8,651		8,651		7,696		7,696
	Investments			26,388		26,388		31,632		31,632
	Time deposits			800,000		800,000		700,000		700,000
	Deferred compensation investments			4,169		4,169		3,716		3,716
	Loans to members, net			20,333,021		20,746,388		20,251,549		21,318,406
	Debt service reserve funds			39,353		39,353		39,803		39,803
	Derivative instruments			291,757		291,757		257,878		257,878
	Liabilities:
	Short-term debt			6,466,990		6,480,895		7,719,483		7,751,021
	Long-term debt			12,307,904		13,443,765		10,696,433		12,156,097
	Guarantee liability			23,934		26,862		24,742		27,730
	Derivative instruments			397,695		397,695		475,278		475,278
	Subordinated deferrable debt			400,000		375,532		400,000		404,300
	Members’ subordinated certificates			1,637,282		1,754,549		1,729,226		1,880,672
	Off-balance sheet instruments:
	Commitments			-		-		-		-
	See Note 11, Fair Value Measurement, for more details on assets and liabilities measured at fair value on a recurring or non-recurring basis on our condensed consolidated balance sheets. We consider observable prices in the principal market in our valuations where possible. Fair value estimates were developed at the reporting date and may not necessarily be indicative of amounts that could ultimately be realized in a market transaction at a future date. There were no transfers between levels of the fair value hierarchy during the six months ended November 30, 2013 and the year ended May 31, 2013.
	With the exception of redeeming debt under early redemption provisions, terminating derivative instruments under early termination provisions and allowing borrowers to prepay their loans, we held and intend to hold all financial instruments to maturity excluding common stock and preferred stock investments that have no stated maturity. Below is a summary of significant methodologies used in estimating fair value amounts at November 30, 2013 and May 31, 2013.
	Cash and Cash Equivalents
	Cash and cash equivalents includes cash and certificates of deposit with original maturities of less than 90 days. Cash and cash equivalents are valued at the carrying value, which approximates fair value. Cash and cash equivalents are classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, cash and cash equivalents classified within Level 1 of the fair value hierarchy totaled $301 million and $177 million, respectively.
	Restricted Cash
	Restricted cash consists of cash and cash equivalents for which use is contractually restricted. Restricted cash is valued at the carrying value, which approximates fair value. Restricted cash is classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, restricted cash classified within Level 1 of the fair value hierarchy totaled $9 million and $8 million, respectively.
	Investments
	Our investments include investments in the Federal Agricultural Mortgage Corporation Class A common stock and Series A preferred stock. The Class A common stock and Series A preferred stock are classified as available-for-sale securities and recorded in the condensed consolidated balance sheets at fair value. We calculate fair value based on the quoted price on the stock exchange where the stock is traded. That stock exchange is an active market based on the volume of shares transacted. The common stock and preferred stock are classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, investments classified within Level 1 of the fair value hierarchy totaled $26 million and $32 million, respectively.
	Time Deposits
	Time deposits with financial institutions in interest bearing accounts have maturities of less than one year as of the reporting date and are valued at the carrying value, which approximates fair value. The deposits are classified within Level 2 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, time deposits classified within Level 2 of the fair value hierarchy totaled $800 million and $700 million, respectively.
	Deferred Compensation Investments
	CFC offers a non-qualified 457(b) deferred compensation plan to highly compensated employees. Such amounts deferred by employees are invested by the company. The deferred compensation investments are recorded in the condensed consolidated balance sheets in the other assets category at fair value. We calculate fair value based on the quoted price on the stock exchange where the funds are traded. That stock exchange is an active market based on the volume of shares transacted. The amounts are invested in highly liquid indices and mutual funds and are classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, deferred compensation investments classified within Level 1 of the fair value hierarchy totaled $4 million.
	Loans to Members, net
	As part of receiving a loan from us, our members have additional requirements and rights that are not typical of other financial institutions, such as the ability to receive a patronage capital allocation, the general requirement to purchase subordinated certificates or member capital securities to meet their capital contribution requirements as a condition of obtaining additional credit from us, the option to select fixed rates from one year to maturity with the fixed rate resetting or repricing at the end of each selected rate term, the ability to convert from a fixed rate to another fixed rate or the variable rate at any time, and certain interest rate discounts that are specific to the borrower’s activity with us. These features make it difficult to obtain market data for similar loans. Therefore, we must use other methods to estimate the fair value.
	Fair values for fixed-rate loans are estimated using a discounted cash flow technique by discounting the future expected cash flows using the current rates at which we would make similar loans to new borrowers for the same remaining maturities. The maturity date used in the fair value calculation of loans with a fixed rate for a selected rate term is the next repricing date since these borrowers must reprice their loans at various times throughout the life of the loan at the current market rate.
	Loans with different risk characteristics, specifically non-performing and restructured loans, are valued by using collateral valuations or by adjusting cash flows for credit risk and discounting those cash flows using the current rates at which similar loans would be made by us to borrowers for the same remaining maturities. See Note 11, Fair Value Measurement, for more details about how we calculate the fair value of certain non-performing loans.
	The carrying value of our variable rate loans adjusted for credit risk approximates fair value since variable-rate loans are eligible to be reset at least monthly.
	Loans to members are classified within Level 3 of the fair value hierarchy and at November 30, 2013 and May 31, 2013, totaled $20,746 million and $21,318 million, respectively.
	Debt Service Reserve Funds
	Debt service reserve funds represent cash and/or investments on deposit with the bond trustee for tax-exempt bonds that we guarantee. Debt service reserve fund investments are comprised of actively traded tax exempt municipal bonds and commercial paper. Carrying value is considered to be equal to fair value. Debt service reserve funds are classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, debt service reserve funds classified within Level 1 of the fair value hierarchy totaled $39 million and $40 million, respectively.
	Short-Term Debt
	Short-term debt consists of commercial paper, select notes, bank bid notes, daily liquidity fund and other long-term debt due within one year. The fair value of short-term debt with maturities less than or equal to 90 days is carrying value, which is a reasonable estimate of fair value. The fair value of short-term debt with maturities greater than 90 days is estimated based on discounted cash flows and quoted market rates for debt with similar maturities. Short-term debt classified within Level 1 of the fair value hierarchy is comprised of dealer commercial paper, bank bid notes, and daily liquidity fund. At November 30, 2013 and May 31, 2013, short-term debt classified within the Level 1 of the fair value hierarchy is based on quoted prices in active markets and totaled $2,633 million and $2,840 million, respectively. Short-term debt classified within Level 2 of the fair value hierarchy is comprised of member commercial paper, non-member commercial paper and select notes. At November 30, 2013 and May 31, 2013, short-term debt classified within Level 2 of the fair value hierarchy was determined based on discounted cash flows using discount rates consistent with current market rates for similar products with similar remaining terms and totaled $1,625 million and $1,210 million, respectively.
	Short-term debt classified within Level 2 also includes our collateral trust bonds and medium-term notes maturing within one year. At November 30, 2013 and May 31, 2013, short-term debt classified within the Level 2 of the fair value hierarchy totaled $1,639 million and $2,912 million, respectively. The fair value of short term debt classified within Level 2 of the fair value hierarchy was determined based on discounted cash flows using a pricing model that incorporates available market information such as indicative benchmark yields and credit spread assumptions that are provided by third party pricing services such as our banks that underwrite our other debt transactions.
	Short-term debt classified within the Level 3 of the fair value hierarchy includes our notes payable, members’ subordinated certificates and members’ capital securities due within one year and totaled $584 million and $789 million at November 30, 2013 and May 31, 2013, respectively. The fair value of short term debt classified within Level 3 of the fair value hierarchy was determined based on discounted cash flows using benchmark yields and spreads for similar instruments supplied by underwriter quotes for similar instruments, if available. Secondary trading quotes for our debt instruments used in the determination of fair value incorporate our credit risk.
	Long-Term Debt
	Long-term debt consists of collateral trust bonds, medium-term notes and long-term notes payable. We issue all collateral trust bonds and some medium-term notes in underwritten public transactions. Collateral trust bonds and medium-term notes are classified within Level 2 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, long-term debt classified within the Level 2 of the fair value hierarchy totaled $8,187 million and $7,410 million, respectively. The fair value of long- term debt classified within Level 2 of the fair value hierarchy was determined based on discounted cash flows. There is no active secondary trading for all underwritten collateral trust bonds and medium-term notes; therefore, dealer quotes and recent market prices are both used in estimating fair value. There is essentially no secondary market for the medium-term notes issued to our members or in transactions that are not underwritten; therefore, fair value is estimated based on observable benchmark yields and spreads for similar instruments supplied by banks that underwrite our other debt transactions.
	The long-term notes payable are issued in private placement transactions and there is no secondary trading of such debt. Long-term notes payable are classified within Level 3 of the fair value hierarchy. Long-term debt classified within the Level 3 of the fair value hierarchy totaled $5,257 million and $4,746 million at November 30, 2013 and May 31, 2013, respectively. The fair value was determined based on discounted cash flows using benchmark yields and spreads for similar instruments supplied by underwriter quotes for similar instruments, if available. Secondary trading quotes for our debt instruments used in the determination of fair value incorporate our credit risk.
	Guarantees
	The fair value of our guarantee liability is based on the fair value of our contingent and non-contingent exposure related to our guarantees. The fair value of our contingent exposure for guarantees is based on management’s estimate of our exposure to losses within the guarantee portfolio using a discounted cash flow method. The fair value of our non-contingent exposure for guarantees issued is estimated based on the total unamortized balance of guarantee fees paid and guarantee fees to be paid discounted at our current short-term funding rate, which represents management’s estimate of the fair value of our obligation to stand ready to perform. Guarantees are classified within Level 3 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, guarantees classified within Level 3 of the fair value hierarchy totaled $27 million and $28 million, respectively.
	Subordinated Deferrable Debt
	Subordinated deferrable debt outstanding was issued in an underwritten public transaction. There is not active secondary trading for this subordinated deferrable debt; therefore, dealer quotes and recent market prices are both used in estimating fair value based on a discounted cash flow method. Subordinated deferrable debt is classified within Level 2 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, subordinated deferrable debt classified within the Level 2 of the fair value hierarchy totaled $376 million and $404 million, respectively.
	Members’ Subordinated Certificates
	Members’ subordinated certificates include (i) membership subordinated certificates issued to our members, (ii) loan and guarantee subordinated certificates issued as a condition of obtaining loan funds or guarantees and (iii) member capital securities issued as voluntary investments by our members. Membership, loan and guarantee subordinated certificates are non-transferable other than among members with CFC’s consent. There is no ready market from which to obtain fair value quotes for membership, loan and guarantee subordinated certificates. These certificates are valued at par. There also is no ready market from which to obtain fair value quotes for member capital securities. Fair value for member capital securities is based on the discounted cash flows using the coupon interest rate on the last business day of the reporting period. Members’ subordinated certificates are classified within Level 3 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, members’ subordinated certificates classified within Level 3 of the fair value hierarchy totaled $1,755 million and $1,881 million, respectively.
	Derivative Instruments
	We record derivative instruments in the condensed consolidated balance sheets as either an asset or liability measured at fair value. Because there is not an active secondary market for the types of interest rate swaps we use, we obtain indicative quotes from the interest rate swap counterparties to estimate fair value on a quarterly basis. The indicative quotes are based on the expected future cash flow and estimated yield curves. We adjust the market values received from the counterparties using credit default swap levels for us and the counterparties. The credit default swap levels represent the credit risk premium required by a market participant based on the available information related to us and the counterparty. Derivative instruments are classified within Level 2 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, derivative asset instruments classified within Level 2 of the fair value hierarchy totaled $292 million and $258 million, respectively, and derivative liability instruments classified within Level 2 of the fair value hierarchy totaled $398 million and $475 million, respectively.
	Commitments
	The fair value of our commitments is estimated as the carrying value, or zero. Extensions of credit under these commitments, if exercised, would result in loans priced at market rates.

Segment_Information

Segment Information	6 Months Ended
	Nov. 30, 2013
Segment Information	'
Segment Reporting	'
	-13	Segment Information
	The following tables contain the segment presentation for the condensed consolidated statements of operations for the six months ended November 30, 2013 and 2012 and condensed consolidated balance sheets at November 30, 2013 and 2012.
			For the six months ended November 30, 2013
	(dollar amounts in thousands)		CFC		Other		Elimination		Consolidated
	Statement of operations:
	Interest income		$	472,831	$	25,345	$	-17,851	$	480,325
	Interest expense			-332,200		-18,581		17,851		-332,930
	Net interest income			140,631		6,764		-		147,395
	Provision for loan losses			-2,374		-		-		-2,374
	Net interest income after provision for loan losses			138,257		6,764		-		145,021
	Non-interest income:
	Fee and other income			8,187		694		400		9,281
	Derivative gains			74,351		1,253		-		75,604
	Results of operations from foreclosed assets			-7,318		-		-		-7,318
	Total non-interest income			75,220		1,947		400		77,567
	Non-interest expense:
	General and administrative expenses			-32,663		-4,125		-400		-37,188
	Provision for guarantee liability			-42		-		-		-42
	Other			-299		1		-		-298
	Total non-interest expense			-33,004		-4,124		-400		-37,528
	Income prior to income taxes			180,473		4,587		-		185,060
	Income tax expense			-		-1,802		-		-1,802
	Net income		$	180,473	$	2,785	$	-	$	183,258
	Assets:
	Total loans outstanding		$	20,342,560	$	1,199,116	$	-1,163,246	$	20,378,430
	Deferred origination costs			9,790		-		-		9,790
	Less: Allowance for loan losses			-55,199		-		-		-55,199
	Loans to members, net			20,297,151		1,199,116		-1,163,246		20,333,021
	Other assets			2,079,206		140,738		-121,601		2,098,343
	Total assets		$	22,376,357	$	1,339,854	$	-1,284,847	$	22,431,364
			For the six months ended November 30, 2012
	(dollar amounts in thousands)		CFC		Other		Elimination		Consolidated
	Statement of operations:
	Interest income		$	473,682	$	28,333	$	-20,300	$	481,715
	Interest expense			-350,034		-21,163		20,300		-350,897
	Net interest income			123,648		7,170		-		130,818
	Provision for loan losses			-5,305		-		-		-5,305
	Net interest income after provision for loan losses			118,343		7,170		-		125,513
	Non-interest income:
	Fee and other income			22,533		686		-454		22,765
	Derivative losses			-26,436		-1,922		-		-28,358
	Results of operations from foreclosed assets			-5,674		-		-		-5,674
	Total non-interest income			-9,577		-1,236		-454		-11,267
	Non-interest expense:
	General and administrative expenses			-32,297		-4,778		454		-36,621
	Recovery of guarantee liability			101		-		-		101
	Other			-4,547		-		-		-4,547
	Total non-interest expense			-36,743		-4,778		454		-41,067
	Income prior to income taxes			72,023		1,156		-		73,179
	Income tax expense			-		-452		-		-452
	Net income		$	72,023	$	704	$	-	$	72,727
	Assets:
	Total loans outstanding		$	19,064,837	$	1,230,471	$	-1,198,134	$	19,097,174
	Deferred origination costs			8,033		-		-		8,033
	Less: Allowance for loan losses			-148,737		-		-		-148,737
	Loans to members, net			18,924,133		1,230,471		-1,198,134		18,956,470
	Other assets			1,623,931		153,837		-123,844		1,653,924
	Total assets		$	20,548,064	$	1,384,308	$	-1,321,978	$	20,610,394
	The following tables contain the segment presentation for the condensed consolidated statements of operations for the three months ended November 30, 2013 and 2012.
			For the three months ended November 30, 2013
	(dollar amounts in thousands)		CFC		Other		Elimination		Consolidated
	Statement of operations:
	Interest income		$	235,505	$	12,582	$	-8,833	$	239,254
Interest expense			-164,980		-9,198		8,833		-165,345
Net interest income			70,525		3,384		-		73,909
Provision for loan losses			-1,096		-		-		-1,096
Net interest income after provision for loan losses			69,429		3,384		-		72,813
Non-interest income:
Fee and other income			4,163		342		620		5,125
Derivative losses			-29,232		-1,548		-		-30,780
Results of operations from foreclosed assets			-3,269		-		-		-3,269
Total non-interest income			-28,338		-1,206		620		-28,924
Non-interest expense:
General and administrative expenses			-15,942		-2,011		-620		-18,573
Provision for guarantee liability			-73		-		-		-73
Other			-151		1		-		-150
Total non-interest expense			-16,166		-2,010		-620		-18,796
Income prior to income taxes			24,925		168		-		25,093
Income tax expense			-		-101		-		-101
Net income		$	24,925	$	67	$	-	$	24,992
		For the three months ended November 30, 2012
(dollar amounts in thousands)		CFC		Other		Elimination		Consolidated
Statement of operations:
Interest income		$	237,711	$	13,946	$	-10,027	$	241,630
Interest expense			-173,870		-10,458		10,027		-174,301
Net interest income			63,841		3,488		-		67,329
Recovery of loan losses			3,817		-		-		3,817
Net interest income after recovery of loan losses			67,658		3,488		-		71,146
Non-interest income:
Fee and other income			17,741		292		-226		17,807
Derivative losses			-3,391		-375		-		-3,766
Results of operations from foreclosed assets			-909		-		-		-909
Total non-interest income			13,441		-83		-226		13,132
Non-interest expense:
General and administrative expenses			-17,425		-2,252		226		-19,451
Recovery of guarantee liability			92		-		-		92
Other			-4,384		-		-		-4,384
Total non-interest expense			-21,717		-2,252		226		-23,743
Income prior to income taxes			59,382		1,153		-		60,535
Income tax expense			-		-454		-		-454
Net income		$	59,382	$	699	$	-	$	60,081

General_Information_and_Accoun1

General Information and Accounting Policies (Policies)	6 Months Ended
	Nov. 30, 2013
General Information and Accounting Policies	'
Basis of Presentation	'
		(a)	Basis of Presentation
	The accompanying financial statements include the consolidated accounts of National Rural Utilities Cooperative Finance Corporation (“CFC”), Rural Telephone Finance Cooperative (“RTFC”), National Cooperative Services Corporation (“NCSC”) and certain entities created and controlled by CFC to hold foreclosed assets and accommodate loan securitization transactions, after elimination of intercompany accounts and transactions.
	Unless stated otherwise, references to “we,” “our” or “us” represent the consolidation of CFC, RTFC, NCSC and certain entities created and controlled by CFC to hold foreclosed assets and accommodate loan securitization transactions. Foreclosed assets are held by two subsidiaries controlled by CFC. Denton Realty Partners, LP (“DRP”) holds a land development loan and a related limited partnership interest. CAH holds our investment in cable and telecommunications operating entities in the United States Virgin Islands (“USVI”), British Virgin Islands and St. Maarten.
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the assets, liabilities, revenue and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. The accounting estimates that require our most significant and subjective judgments include the allowance for loan losses and the determination of the fair value of our derivatives and certain aspects of our foreclosed assets. While we use our best estimates and judgments based on the known facts at the date of the financial statements, actual results could differ from these estimates as future events occur.
	These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2013.
	In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (which consist only of normal recurring accruals) necessary for a fair presentation of our results of operations and financial position for the interim periods presented.
Variable Interest Entities	'
		(b)	Variable Interest Entities
	We are required to consolidate the financial results of RTFC and NCSC because CFC is the primary beneficiary of variable interests in RTFC and NCSC due to its exposure to absorbing the majority of their expected losses and because CFC manages the lending activities of RTFC and NCSC. Under separate guarantee agreements, RTFC and NCSC pay CFC a fee to indemnify against loan losses. CFC is the sole lender to and manages the business operations of RTFC through a management agreement in effect until December 1, 2016, which is automatically renewed for one-year terms thereafter unless terminated by either party. CFC is the primary source of funding to and manages the lending activities of NCSC through a management agreement that is automatically renewable on an annual basis unless terminated by either party. NCSC funds its lending programs through loans from CFC or debt guaranteed by CFC. In connection with these guarantees, NCSC must pay a guarantee fee and purchase from CFC interest-bearing subordinated term certificates in proportion to the related guarantee.
	RTFC and NCSC creditors have no recourse against CFC in the event of a default by RTFC and NCSC, unless there is a guarantee agreement under which CFC has guaranteed NCSC or RTFC debt obligations to a third party. At November 30, 2013, CFC had guaranteed $82 million of NCSC debt, derivative instruments and guarantees with third parties, and CFC’s maximum potential exposure for these instruments totaled $89 million. The maturities for NCSC obligations guaranteed by CFC run through 2031. Guarantees of NCSC debt and derivative instruments are not included in Note 10, Guarantees, as the debt and derivatives are reported on the condensed consolidated balance sheet. At November 30, 2013, CFC guaranteed $2 million of RTFC guarantees with third parties. The maturities for RTFC obligations guaranteed by CFC run through 2015 and are renewed on an annual basis. All CFC loans to RTFC and NCSC are secured by all assets and revenue of RTFC and NCSC. At November 30, 2013, RTFC had total assets of $583 million including loans outstanding to members of $467 million, and NCSC had total assets of $757 million including loans outstanding of $732 million. At November 30, 2013, CFC had committed to lend RTFC up to $4,000 million, of which $447 million was outstanding. At November 30, 2013, CFC had committed to provide up to $3,000 million of credit to NCSC, of which $799 million was outstanding, representing $717 million of outstanding loans and $82 million of credit enhancements.
Loan Sales	'
		(c)	Loan Sales
	We account for the sale of loans resulting from direct loan sales to third parties and securitization transactions by removing the financial assets from our condensed consolidated balance sheets when control has been surrendered. We retain the servicing performance obligations on these loans and recognize related servicing fees on an accrual basis over the period for which servicing activity is provided. Deferred transaction costs and unamortized deferred loan origination costs related to the loans sold are included in the calculation of the gain or loss on the sale. We do not hold any continuing interest in the loans sold to date other than servicing performance obligations. We have no obligation to repurchase loans from the purchaser, except in the case of breaches of representations and warranties.
	During the six months ended November 30, 2013 and 2012, we sold CFC loans with outstanding balances totaling $37 million and $98 million, respectively, at par for cash. We recorded a loss on sale of loans, representing the unamortized deferred loan origination costs and transaction costs for the loans sold, which was immaterial during the six months ended November 30, 2013 and 2012.
Interest Income	'
		(d)	Interest Income
	Interest income on loans is recognized using the effective interest method. The following table presents the components of interest income:
			For the three months ended				For the six months ended
			November 30,				November 30,
	(dollar amounts in thousands)		2013		2012		2013		2012
	Interest on long-term fixed-rate loans		$	221,952	$	218,247	$	446,535	$	436,187
	Interest on long-term variable-rate loans			4,826		4,893		9,654		10,918
	Interest on line of credit loans			7,505		7,413		15,077		15,105
	Interest on restructured loans			-		7,625		136		13,087
	Interest on investments			1,817		1,576		3,753		2,514
	Fee income (1)			3,154		1,876		5,170		3,904
	Total interest income		$	239,254	$	241,630	$	480,325	$	481,715
	(1) Primarily related to conversion fees that are deferred and recognized using the effective interest method over the remaining original loan interest rate pricing term, except for a small portion of the total fee charged to cover administrative costs related to the conversion, which is recognized immediately.
	Deferred income on the condensed consolidated balance sheets primarily includes deferred conversion fees totaling $69 million and $21 million at November 30, 2013 and May 31, 2013, respectively.
Interest Expense	'
		(e)	Interest Expense
	The following table presents the components of interest expense:
			For the three months ended				For the six months ended
			November 30,				November 30,
	(dollar amounts in thousands)		2013		2012		2013		2012
	Interest expense on debt (1):
	Short-term debt		$	1,607	$	1,697	$	3,039	$	3,316
	Medium-term notes			20,980		24,833		42,551		52,716
	Collateral trust bonds			74,858		82,271		151,656		163,710
	Subordinated deferrable debt			4,750		2,807		9,500		5,613
	Subordinated certificates			20,494		20,528		41,120		40,882
	Long-term notes payable			38,759		37,915		76,698		76,311
	Debt issuance costs (2)			1,782		1,905		3,647		3,842
	Fee expense (3)			2,115		2,345		4,719		4,507
	Total interest expense		$	165,345	$	174,301	$	332,930	$	350,897
	(1) Represents interest expense and the amortization of discounts on debt.
	(2) Includes amortization of all deferred charges related to the issuance of debt, principally underwriters’ fees, legal fees, printing costs and comfort letter fees. Amortization is calculated using the effective interest method or a method approximating the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized as incurred.
	(3) Includes various fees related to funding activities, including fees paid to banks participating in our revolving credit agreements.
	We exclude indirect costs, if any, related to funding activities from interest expense.
Derivative Financial Instruments	'
		(f)	Derivative Financial Instruments
	We are an end user of financial derivative instruments and not a swap dealer. We use derivatives such as interest rate swaps and treasury rate locks to mitigate interest rate risk. Consistent with the accounting standards for derivative financial instruments, we record derivative instruments (including certain derivative instruments embedded in other contracts) on the condensed consolidated balance sheets as either an asset or liability measured at fair value. In recording the fair value of derivative assets and liabilities, we do not net our positions under contracts with individual counterparties. Accrued cash settlements on our derivatives are recorded as accrued interest and other receivables and accrued interest payable line items of the condensed consolidated balance sheet. Changes in the fair value of derivative instruments along with realized gains and losses from cash settlements are recognized in the derivative gains (losses) line item of the condensed consolidated statement of operations unless specific hedge accounting criteria are met.
	We formally document, designate and assess the effectiveness of transactions that receive hedge accounting treatment. If applicable hedge accounting criteria are satisfied, the change in fair value of derivative instruments is recorded to other comprehensive income, and net cash settlements are recorded in interest expense. The gain or loss on derivatives used as a cash flow hedge of a forecasted debt transaction is recorded as a component of other comprehensive income (loss) and amortized as interest expense using the effective interest method over the term of the hedged debt. Any ineffectiveness in the hedging relationship is recognized in the derivative gains (losses) line of the statement of operations.
	Cash activity associated with interest rate swaps is classified as an operating activity in the condensed consolidated statements of cash flows.
Reclassifications	'
		(g)	Reclassifications
	Reclassifications of prior period amounts have been made to conform to the current reporting format and the presentation in our Form 10-Q for the six months ended November 30, 2013. Specifically, time deposits with financial institutions have been reclassified from the investments line item and presented as a separate line item on the condensed consolidated balance sheet as of May 31, 2013.
Immaterial Correction of Errors	'
		(h)	Immaterial Correction of Errors
	During the third quarter of fiscal year 2013, we identified two errors in the condensed consolidated statement of cash flows related to (1) the classification of advances and sale proceeds of loans sold and (2) the presentation of short-term debt with an original maturity of greater than 90 days. We corrected our previously reported condensed consolidated statement of cash flows for the six months ended November 30, 2012 herein to reflect the impact of the immaterial errors. The errors and the corrections have no effect on the change in cash, our total cash balance, liquidity, condensed consolidated balance sheet, condensed consolidated statement of operations, key ratios or covenant compliance for any period. We concluded that the errors were not material to any of the previously reported quarterly or annual periods.
	The effect of recording the correction of the immaterial errors in the condensed consolidated statement of cash flows for the six months ended November 30, 2012, is presented below:
			For the six months ended November 30, 2012
	(dollar amounts in thousands)		As Filed		Adjustment		Corrected
	Advances made on loans		$	-2,584,296	$	98,147	$	-2,486,149
	Net proceeds from sale of loans			98,147		-98,147		-
	Proceeds from issuances of short-term debt, net			215,087		-124,234		90,853
	Proceeds from issuances of short term debt with original maturity greater than 90 days			-		322,406		322,406
	Repayments of short term debt with original maturity greater than 90 days			-		-198,172		-198,172
New Accounting Pronouncements	'
		(i)	New Accounting Pronouncements
	In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update, Disclosures about Offsetting Assets and Liabilities, which requires enhanced disclosures about certain financial assets and liabilities that are subject to enforceable master netting agreements or similar agreements, or that have otherwise been offset on the balance sheet under certain specific conditions that permit net presentation. In January 2013, the Financial Accounting Standards Board issued Accounting Standards Update, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies that the scope of the above guidance is limited to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. The guidance was effective for the Company beginning in the first quarter of fiscal year 2014. See Note 8, Derivative Financial Instruments, for additional disclosures about offsetting assets and liabilities.
	In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income, which requires enhanced disclosures of the amounts reclassified out of Accumulated Other Comprehensive Income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of Accumulated Other Comprehensive Income by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The guidance was effective for the Company beginning in the first quarter of fiscal year 2014 and did not have a material effect on the condensed consolidated financial statements, as the amounts reclassified out of other comprehensive income are immaterial for all periods presented.
Fair Value Measurement	'
	Assets and Liabilities Measured at Fair Value on a Recurring Basis
	We account for derivative instruments in the condensed consolidated balance sheets as either an asset or liability measured at fair value. There is not an active secondary market for the types of interest rate swaps we use. Our process to estimate the fair value of our derivative instruments involves multiple steps including consideration of indicative quotes from counterparties and use of a discounted cash flow model. We obtain indicative quotes from the interest rate swap counterparties to estimate fair value on a quarterly basis. The indicative quotes are based on the expected future cash flow and the estimated yield curve.
	We perform analysis to validate the indicative quotes obtained from our swap counterparties and investigate any significant differences. We adjust the market values received from the counterparties using credit default swap levels for us and the counterparties. The credit default swap levels represent the credit risk premium required by a market participant based on the available information related to us and the counterparty. We only enter into swap agreements with counterparties that are participating in our revolving lines of credit at the time the exchange agreements are executed. All of our swap agreements are subject to master netting agreements.
	Our valuation technique for interest rate swaps is based on discounted cash flows and we utilize observable inputs, which reflect market data. To calculate fair value, we determine the forward curve. The forward curve allows us to determine the projected floating rate cash flows and the discount factors needed to calculate the net present value of each interest payment. The significant observable inputs for our derivatives include Spot LIBOR rates, Eurodollar futures contracts, and market swap rates.
	Fair values for our interest rate swaps are classified as a Level 2 valuation. We record the change in the fair value of our derivatives for each reporting period in the derivative gains (losses) line, included in non-interest income in the condensed consolidated statements of operations, as currently none of our derivatives qualify for hedge accounting.
	Our investments in equity securities include investments in the Federal Agricultural Mortgage Corporation Class A common stock and Series A preferred stock and are recorded in the condensed consolidated balance sheet at fair value. We calculate fair value of the investments based on the quoted price on the stock exchange where the stock is traded. That stock exchange is an active market based on the volume of shares transacted. Fair values for these securities are classified as a Level 1 valuation. For the three and six months ended November 30, 2013 we recorded an unrealized loss of $1 million and $5 million, respectively, compared to an unrealized gain of $1 million for the prior-year periods in accumulated other comprehensive income on the condensed consolidated balance sheet.
	Deferred compensation investments are recorded in the condensed consolidated balance sheets in the other assets category at fair value. We calculate fair value based on the quoted price on the stock exchange where the funds are traded. That stock exchange is an active market based on the volume of shares transacted. The amounts are invested in highly liquid indices and mutual funds and are classified within Level 1 of the fair value hierarchy.
	Assets and Liabilities Measured at Fair Value on a Non-recurring Basis
	We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis in accordance with GAAP. Any adjustments to fair value usually result from application of lower-of-cost or fair value accounting or write-downs of individual assets. At November 30, 2013 and May 31, 2013, we measured certain collateral-dependent non-performing loans at fair value. We utilize the collateral fair value underlying the loan in estimating the specific loan loss allowance. To estimate the fair value of the collateral, we may use third party valuation specialists, internal estimates or a combination of both. The valuation technique used to determine fair value of the non-performing loans provided by both our internal staff and third party specialists includes market multiples (i.e., comparable companies). The significant unobservable inputs used in the determination of fair value include EBITDA multiples ranging from 3.5x to 5.0x. The material inputs used in estimating fair value by both internal staff and third party specialists are Level 3 within the fair value hierarchy. In these instances, the valuation is considered to be a non-recurring item. The significant unobservable inputs for Level 3 assets that are valued using fair values obtained from third party specialists are reviewed by our Credit Risk Management group to assess the reasonableness of the assumptions used and the accuracy of the work performed. In cases where we rely on third party inputs, we use the final unadjusted third party valuation analysis as support for any financial statement adjustments and disclosures to the financial statements. The valuation techniques and significant unobservable inputs for assets classified as Level 3 in the fair value hierarchy, which are measured using an internal model, are independently reviewed by other internal staff.
	Assets measured at fair value on a non-recurring basis at November 30, 2013 and May 31, 2013, were classified as Level 3 within the fair value hierarchy. Any increase or decrease to significant unobservable inputs used in the determination of fair value will not have a material impact on the fair value measurement of those assets or to the results of operations of the Company. For the three and six months ended November 30, 2013 and 2012, respectively, there were no losses on our non-performing loans.
Fair Value of Financial Instruments	'
	See Note 11, Fair Value Measurement, for more details on assets and liabilities measured at fair value on a recurring or non-recurring basis on our condensed consolidated balance sheets. We consider observable prices in the principal market in our valuations where possible. Fair value estimates were developed at the reporting date and may not necessarily be indicative of amounts that could ultimately be realized in a market transaction at a future date. There were no transfers between levels of the fair value hierarchy during the six months ended November 30, 2013 and the year ended May 31, 2013.
	With the exception of redeeming debt under early redemption provisions, terminating derivative instruments under early termination provisions and allowing borrowers to prepay their loans, we held and intend to hold all financial instruments to maturity excluding common stock and preferred stock investments that have no stated maturity. Below is a summary of significant methodologies used in estimating fair value amounts at November 30, 2013 and May 31, 2013.
	Cash and Cash Equivalents
	Cash and cash equivalents includes cash and certificates of deposit with original maturities of less than 90 days. Cash and cash equivalents are valued at the carrying value, which approximates fair value. Cash and cash equivalents are classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, cash and cash equivalents classified within Level 1 of the fair value hierarchy totaled $301 million and $177 million, respectively.
	Restricted Cash
	Restricted cash consists of cash and cash equivalents for which use is contractually restricted. Restricted cash is valued at the carrying value, which approximates fair value. Restricted cash is classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, restricted cash classified within Level 1 of the fair value hierarchy totaled $9 million and $8 million, respectively.
	Investments
	Our investments include investments in the Federal Agricultural Mortgage Corporation Class A common stock and Series A preferred stock. The Class A common stock and Series A preferred stock are classified as available-for-sale securities and recorded in the condensed consolidated balance sheets at fair value. We calculate fair value based on the quoted price on the stock exchange where the stock is traded. That stock exchange is an active market based on the volume of shares transacted. The common stock and preferred stock are classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, investments classified within Level 1 of the fair value hierarchy totaled $26 million and $32 million, respectively.
	Time Deposits
	Time deposits with financial institutions in interest bearing accounts have maturities of less than one year as of the reporting date and are valued at the carrying value, which approximates fair value. The deposits are classified within Level 2 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, time deposits classified within Level 2 of the fair value hierarchy totaled $800 million and $700 million, respectively.
	Deferred Compensation Investments
	CFC offers a non-qualified 457(b) deferred compensation plan to highly compensated employees. Such amounts deferred by employees are invested by the company. The deferred compensation investments are recorded in the condensed consolidated balance sheets in the other assets category at fair value. We calculate fair value based on the quoted price on the stock exchange where the funds are traded. That stock exchange is an active market based on the volume of shares transacted. The amounts are invested in highly liquid indices and mutual funds and are classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, deferred compensation investments classified within Level 1 of the fair value hierarchy totaled $4 million.
	Loans to Members, net
	As part of receiving a loan from us, our members have additional requirements and rights that are not typical of other financial institutions, such as the ability to receive a patronage capital allocation, the general requirement to purchase subordinated certificates or member capital securities to meet their capital contribution requirements as a condition of obtaining additional credit from us, the option to select fixed rates from one year to maturity with the fixed rate resetting or repricing at the end of each selected rate term, the ability to convert from a fixed rate to another fixed rate or the variable rate at any time, and certain interest rate discounts that are specific to the borrower’s activity with us. These features make it difficult to obtain market data for similar loans. Therefore, we must use other methods to estimate the fair value.
	Fair values for fixed-rate loans are estimated using a discounted cash flow technique by discounting the future expected cash flows using the current rates at which we would make similar loans to new borrowers for the same remaining maturities. The maturity date used in the fair value calculation of loans with a fixed rate for a selected rate term is the next repricing date since these borrowers must reprice their loans at various times throughout the life of the loan at the current market rate.
	Loans with different risk characteristics, specifically non-performing and restructured loans, are valued by using collateral valuations or by adjusting cash flows for credit risk and discounting those cash flows using the current rates at which similar loans would be made by us to borrowers for the same remaining maturities. See Note 11, Fair Value Measurement, for more details about how we calculate the fair value of certain non-performing loans.
	The carrying value of our variable rate loans adjusted for credit risk approximates fair value since variable-rate loans are eligible to be reset at least monthly.
	Loans to members are classified within Level 3 of the fair value hierarchy and at November 30, 2013 and May 31, 2013, totaled $20,746 million and $21,318 million, respectively.
	Debt Service Reserve Funds
	Debt service reserve funds represent cash and/or investments on deposit with the bond trustee for tax-exempt bonds that we guarantee. Debt service reserve fund investments are comprised of actively traded tax exempt municipal bonds and commercial paper. Carrying value is considered to be equal to fair value. Debt service reserve funds are classified within Level 1 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, debt service reserve funds classified within Level 1 of the fair value hierarchy totaled $39 million and $40 million, respectively.
	Short-Term Debt
	Short-term debt consists of commercial paper, select notes, bank bid notes, daily liquidity fund and other long-term debt due within one year. The fair value of short-term debt with maturities less than or equal to 90 days is carrying value, which is a reasonable estimate of fair value. The fair value of short-term debt with maturities greater than 90 days is estimated based on discounted cash flows and quoted market rates for debt with similar maturities. Short-term debt classified within Level 1 of the fair value hierarchy is comprised of dealer commercial paper, bank bid notes, and daily liquidity fund. At November 30, 2013 and May 31, 2013, short-term debt classified within the Level 1 of the fair value hierarchy is based on quoted prices in active markets and totaled $2,633 million and $2,840 million, respectively. Short-term debt classified within Level 2 of the fair value hierarchy is comprised of member commercial paper, non-member commercial paper and select notes. At November 30, 2013 and May 31, 2013, short-term debt classified within Level 2 of the fair value hierarchy was determined based on discounted cash flows using discount rates consistent with current market rates for similar products with similar remaining terms and totaled $1,625 million and $1,210 million, respectively.
	Short-term debt classified within Level 2 also includes our collateral trust bonds and medium-term notes maturing within one year. At November 30, 2013 and May 31, 2013, short-term debt classified within the Level 2 of the fair value hierarchy totaled $1,639 million and $2,912 million, respectively. The fair value of short term debt classified within Level 2 of the fair value hierarchy was determined based on discounted cash flows using a pricing model that incorporates available market information such as indicative benchmark yields and credit spread assumptions that are provided by third party pricing services such as our banks that underwrite our other debt transactions.
	Short-term debt classified within the Level 3 of the fair value hierarchy includes our notes payable, members’ subordinated certificates and members’ capital securities due within one year and totaled $584 million and $789 million at November 30, 2013 and May 31, 2013, respectively. The fair value of short term debt classified within Level 3 of the fair value hierarchy was determined based on discounted cash flows using benchmark yields and spreads for similar instruments supplied by underwriter quotes for similar instruments, if available. Secondary trading quotes for our debt instruments used in the determination of fair value incorporate our credit risk.
	Long-Term Debt
	Long-term debt consists of collateral trust bonds, medium-term notes and long-term notes payable. We issue all collateral trust bonds and some medium-term notes in underwritten public transactions. Collateral trust bonds and medium-term notes are classified within Level 2 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, long-term debt classified within the Level 2 of the fair value hierarchy totaled $8,187 million and $7,410 million, respectively. The fair value of long- term debt classified within Level 2 of the fair value hierarchy was determined based on discounted cash flows. There is no active secondary trading for all underwritten collateral trust bonds and medium-term notes; therefore, dealer quotes and recent market prices are both used in estimating fair value. There is essentially no secondary market for the medium-term notes issued to our members or in transactions that are not underwritten; therefore, fair value is estimated based on observable benchmark yields and spreads for similar instruments supplied by banks that underwrite our other debt transactions.
	The long-term notes payable are issued in private placement transactions and there is no secondary trading of such debt. Long-term notes payable are classified within Level 3 of the fair value hierarchy. Long-term debt classified within the Level 3 of the fair value hierarchy totaled $5,257 million and $4,746 million at November 30, 2013 and May 31, 2013, respectively. The fair value was determined based on discounted cash flows using benchmark yields and spreads for similar instruments supplied by underwriter quotes for similar instruments, if available. Secondary trading quotes for our debt instruments used in the determination of fair value incorporate our credit risk.
	Guarantees
	The fair value of our guarantee liability is based on the fair value of our contingent and non-contingent exposure related to our guarantees. The fair value of our contingent exposure for guarantees is based on management’s estimate of our exposure to losses within the guarantee portfolio using a discounted cash flow method. The fair value of our non-contingent exposure for guarantees issued is estimated based on the total unamortized balance of guarantee fees paid and guarantee fees to be paid discounted at our current short-term funding rate, which represents management’s estimate of the fair value of our obligation to stand ready to perform. Guarantees are classified within Level 3 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, guarantees classified within Level 3 of the fair value hierarchy totaled $27 million and $28 million, respectively.
	Subordinated Deferrable Debt
	Subordinated deferrable debt outstanding was issued in an underwritten public transaction. There is not active secondary trading for this subordinated deferrable debt; therefore, dealer quotes and recent market prices are both used in estimating fair value based on a discounted cash flow method. Subordinated deferrable debt is classified within Level 2 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, subordinated deferrable debt classified within the Level 2 of the fair value hierarchy totaled $376 million and $404 million, respectively.
	Members’ Subordinated Certificates
	Members’ subordinated certificates include (i) membership subordinated certificates issued to our members, (ii) loan and guarantee subordinated certificates issued as a condition of obtaining loan funds or guarantees and (iii) member capital securities issued as voluntary investments by our members. Membership, loan and guarantee subordinated certificates are non-transferable other than among members with CFC’s consent. There is no ready market from which to obtain fair value quotes for membership, loan and guarantee subordinated certificates. These certificates are valued at par. There also is no ready market from which to obtain fair value quotes for member capital securities. Fair value for member capital securities is based on the discounted cash flows using the coupon interest rate on the last business day of the reporting period. Members’ subordinated certificates are classified within Level 3 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, members’ subordinated certificates classified within Level 3 of the fair value hierarchy totaled $1,755 million and $1,881 million, respectively.
	Derivative Instruments
	We record derivative instruments in the condensed consolidated balance sheets as either an asset or liability measured at fair value. Because there is not an active secondary market for the types of interest rate swaps we use, we obtain indicative quotes from the interest rate swap counterparties to estimate fair value on a quarterly basis. The indicative quotes are based on the expected future cash flow and estimated yield curves. We adjust the market values received from the counterparties using credit default swap levels for us and the counterparties. The credit default swap levels represent the credit risk premium required by a market participant based on the available information related to us and the counterparty. Derivative instruments are classified within Level 2 of the fair value hierarchy. At November 30, 2013 and May 31, 2013, derivative asset instruments classified within Level 2 of the fair value hierarchy totaled $292 million and $258 million, respectively, and derivative liability instruments classified within Level 2 of the fair value hierarchy totaled $398 million and $475 million, respectively.
	Commitments
	The fair value of our commitments is estimated as the carrying value, or zero. Extensions of credit under these commitments, if exercised, would result in loans priced at market rates.

General_Information_and_Accoun2

General Information and Accounting Policies (Tables)	6 Months Ended
	Nov. 30, 2013
General Information and Accounting Policies	'
Interest and Other Income	'
	The following table presents the components of interest income:
		For the three months ended					For the six months ended
		November 30,					November 30,
	(dollar amounts in thousands)	2013		2012			2013		2012
	Interest on long-term fixed-rate loans	$	221,952	$	218,247		$	446,535	$	436,187
	Interest on long-term variable-rate loans		4,826		4,893			9,654		10,918
	Interest on line of credit loans		7,505		7,413			15,077		15,105
	Interest on restructured loans		-		7,625			136		13,087
	Interest on investments		1,817		1,576			3,753		2,514
	Fee income (1)		3,154		1,876			5,170		3,904
	Total interest income	$	239,254	$	241,630		$	480,325	$	481,715
	(1) Primarily related to conversion fees that are deferred and recognized using the effective interest method over the remaining original loan interest rate pricing term, except for a small portion of the total fee charged to cover administrative costs related to the conversion, which is recognized immediately.
Schedule of Components of Interest (Expense)	'
	The following table presents the components of interest expense:
		For the three months ended					For the six months ended
		November 30,					November 30,
	(dollar amounts in thousands)	2013		2012			2013		2012
	Interest expense on debt (1):
	Short-term debt	$	1,607	$	1,697		$	3,039	$	3,316
	Medium-term notes		20,980		24,833			42,551		52,716
	Collateral trust bonds		74,858		82,271			151,656		163,710
	Subordinated deferrable debt		4,750		2,807			9,500		5,613
	Subordinated certificates		20,494		20,528			41,120		40,882
	Long-term notes payable		38,759		37,915			76,698		76,311
	Debt issuance costs (2)		1,782		1,905			3,647		3,842
	Fee expense (3)		2,115		2,345			4,719		4,507
	Total interest expense	$	165,345	$	174,301		$	332,930	$	350,897
	(1) Represents interest expense and the amortization of discounts on debt.
	(2) Includes amortization of all deferred charges related to the issuance of debt, principally underwriters’ fees, legal fees, printing costs and comfort letter fees. Amortization is calculated using the effective interest method or a method approximating the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized as incurred.
	(3) Includes various fees related to funding activities, including fees paid to banks participating in our revolving credit agreements. Fees are recognized as incurred or amortized on a straight-line basis over the life of the respective agreement.
Schedule of Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements	'
	The effect of recording the correction of the immaterial errors in the condensed consolidated statement of cash flows for the six months ended November 30, 2012, is presented below:
		For the six months ended November 30, 2012
	(dollar amounts in thousands)	As Filed		Adjustment		Corrected
	Advances made on loans	$	-2,584,296	98,147		-2,486,149
	Net proceeds from sale of loans		98,147	-98,147		-
	Proceeds from issuances of short-term debt, net		215,087	-124,234		90,853
	Proceeds from issuances of short term debt with original		-	322,406		322,406
	maturity greater than 90 days
	Repayments of short term debt with original maturity		-	-198,172		-198,172
	greater than 90 days

Loans_and_Commitments_Tables

Loans and Commitments (Tables)	6 Months Ended
	Nov. 30, 2013
Loans and Commitments	'
Schedule of Financing Receivable and Unadvanced Commitments	'
	Loans outstanding to members and unadvanced commitments by loan type and by member class are summarized as follows:
		30-Nov-13						31-May-13
	(dollar amounts in thousands)	Loans			Unadvanced			Loans			Unadvanced
		outstanding			commitments (1)			outstanding			commitments (1)
	Total by loan type (2):
	Long-term fixed-rate loans	$	18,149,347		$	-		$	17,918,268		$	-
	Long-term variable-rate loans		691,568			5,134,559			782,006			4,718,162
	Loans guaranteed by RUS		204,465			-			210,815			-
	Line of credit loans		1,333,050			8,880,648			1,385,228			8,704,586
	Total loans outstanding		20,378,430			14,015,207			20,296,317			13,422,748
	Deferred origination costs		9,790			-			9,557			-
	Less: Allowance for loan losses		-55,199			-			-54,325			-
	Net loans outstanding	$	20,333,021		$	14,015,207		$	20,251,549		$	13,422,748
	Total by member class (2):
	CFC:
	Distribution	$	15,019,692		$	9,414,509		$	14,941,192		$	8,948,826
	Power supply		4,094,415			3,133,967			4,007,669			3,145,518
	Statewide and associate		65,207			107,493			70,956			102,087
	CFC total		19,179,314			12,655,969			19,019,817			12,196,431
	RTFC		466,863			305,649			503,359			317,344
	NCSC		732,253			1,053,589			773,141			908,973
	Total loans outstanding	$	20,378,430		$	14,015,207		$	20,296,317		$	13,422,748
	(1) The interest rate on unadvanced commitments is not set until drawn, therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.
	(2) Includes non-performing and restructured loans.
Schedule of Non Performing and Restructured Loans and Unadvanced Commitments to Members	'
	Non-performing and restructured loans outstanding and unadvanced commitments to members included in the table on page 12 are summarized as follows by loan type and by company:
		November 30, 2013						May 31, 2013
		Loans			Unadvanced			Loans			Unadvanced
	(dollar amounts in thousands)	outstanding			commitments (1)			outstanding			commitments (1)
	Non-performing and restructured loans:
	Non-performing loans:
	CFC:
	Line of credit loans	$	5,000		$	-		$	5,000		$	-
	RTFC:
	Long-term fixed-rate loans		3,010			-			3,690			-
	Long-term variable-rate loans		2,784			-			6,807			-
	Total non-performing loans	$	10,794		$	-		$	15,497		$	-
	Restructured loans:
	CFC:
	Long-term fixed-rate loans	$	7,584		$	-		$	46,953		$	-
	Line of credit loans (2)		-			-			-			5,000
	Total restructured loans	$	7,584		$	-		$	46,953		$	5,000
	(1) The interest rate on unadvanced commitments is not set until drawn, therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.
	(2) The unadvanced commitment is part of the terms outlined in the related restructure agreement. Loans advanced under these commitments would be classified as performing. Principal and interest due under these performing loans would be in addition to scheduled payments due under the restructured loan agreement.
Schedule of Available Balance and Maturities of Committed Lines of Credit	'
	The following table summarizes the available balance under committed lines of credit that are not subject to a material adverse change clause at November 30, 2013, and the related maturities by fiscal year and thereafter as follows:
		Available			Notional maturities of committed lines of credit
	(dollar amounts in thousands)	balance			2014			2015			2016		2017			2018			Thereafter
	Committed lines of credit	$	1,947,800		$	44,048		$	63,776		$	61,000	$	636,111		$	894,080		$	248,785
Past Due Financing Receivables	'
	The tables below show an analysis of the age of the recorded investment in loans outstanding by member class:
		November 30, 2013
	(dollar amounts in thousands)	30-89 days				90 days or more				Total			Current				Total financing				Non-accrual
		past due				past due (1)				past due							receivables				loans
	CFC:
	Distribution	$	-			$	-			$	-		$	15,019,692			$	15,019,692			$	7,584
	Power supply		-				5,000				5,000			4,089,415				4,094,415				5,000
	Statewide and associate		-				-				-			65,207				65,207				-
	CFC total		-				5,000				5,000			19,174,314				19,179,314				12,584
	RTFC		-				3,858				3,858			463,005				466,863				5,794
	NCSC		-				-				-			732,253				732,253				-
	Total loans outstanding	$	-			$	8,858			$	8,858		$	20,369,572			$	20,378,430			$	18,378
	As a % of total loans		0	%			0.04	%			0.04	%		99.96	%			100	%			0.09	%
	(1) All loans 90 days or more past due are on non-accrual status.
		May 31, 2013
	(dollar amounts in thousands)	30-89 days				90 days or more				Total			Current				Total financing				Non-accrual
		past due				past due (1)				past due							receivables				loans
	CFC:
	Distribution	$	2,841			$	-			$	2,841		$	14,938,351			$	14,941,192			$	7,584
	Power supply		-				5,000				5,000			4,002,669				4,007,669				5,000
	Statewide and associate		-				-				-			70,956				70,956				-
	CFC total		2,841				5,000				7,841			19,011,976				19,019,817				12,584
	RTFC		4,163				4,156				8,319			495,040				503,359				10,497
	NCSC		-				-				-			773,141				773,141				-
	Total loans outstanding	$	7,004			$	9,156			$	16,160		$	20,280,157			$	20,296,317			$	23,081
	As a % of total loans		0.03	%			0.05	%			0.08	%		99.92	%			100	%			0.11	%
	(1) All loans 90 days or more past due are on non-accrual status.
Financing Receivable Credit Quality Indicators	'
	The following table presents our loan portfolio by risk rating category and member class based on available data as of:
		November 30, 2013									May 31, 2013
	(dollar amounts in thousands)	Pass			Criticized			Total			Pass		Criticized			Total
	CFC:
	Distribution	$	15,001,056		$	18,636		$	15,019,692		$	14,922,558	$	18,634		$	14,941,192
	Power supply		4,089,415			5,000			4,094,415			4,002,669		5,000			4,007,669
	Statewide and associate		64,924			283			65,207			70,668		288			70,956
	CFC total		19,155,395			23,919			19,179,314			18,995,895		23,922			19,019,817
	RTFC		450,668			16,195			466,863			483,058		20,301			503,359
	NCSC		728,482			3,771			732,253			770,419		2,722			773,141
	Total loans outstanding	$	20,334,545		$	43,885		$	20,378,430		$	20,249,372	$	46,945		$	20,296,317
Schedule of Financing Receivable Secured and Unsecured	'
	The following table summarizes our secured and unsecured loans outstanding by loan type and by company:
		November 30, 2013											May 31, 2013
	(dollar amounts in thousands)	Secured			%			Unsecured			%		Secured			%			Unsecured			%
	Total by loan type:
	Long-term fixed-rate loans	$	17,089,122		94	%		$	1,060,225		6	%	$	16,871,594		94	%		$	1,046,674		6	%
	Long-term variable-rate loans		607,643		88				83,925		12			676,075		86				105,931		14
	Loans guaranteed by RUS		204,465		100				-		-			210,815		100				-		-
	Line of credit loans		303,417		23				1,029,633		77			294,575		21				1,090,653		79
	Total loans outstanding	$	18,204,647		89			$	2,173,783		11		$	18,053,059		89			$	2,243,258		11
	Total by company:
	CFC	$	17,243,451		90	%		$	1,935,863		10	%	$	17,049,029		90	%		$	1,970,788		10	%
	RTFC		446,007		96				20,856		4			482,647		96				20,712		4
	NCSC		515,189		70				217,064		30			521,383		67				251,758		33
	Total loans outstanding	$	18,204,647		89			$	2,173,783		11		$	18,053,059		89			$	2,243,258		11
Allowance for Credit Losses on Financing Receivables	'
	The activity in the loan loss allowance summarized in the tables below reflects a disaggregation by company of the allowance for loan losses by company:
		As of and for the three months ended November 30, 2013
	(dollar amounts in thousands)	CFC			RTFC			NCSC			Total
	Balance as of August 31, 2013	$	43,336		$	8,497		$	3,823		$	55,656
	(Recovery of) provision for loan losses		-627			968			755			1,096
	Charge-offs		-			-1,606			-			-1,606
	Recoveries of loans previously charged-off		53			-			-			53
	Balance as of November 30, 2013	$	42,762		$	7,859		$	4,578		$	55,199
		As of and for the three months ended November 30, 2012
	(dollar amounts in thousands)	CFC			RTFC			NCSC			Total
	Balance as of August 31, 2012	$	136,781		$	8,877		$	6,843		$	152,501
	(Recovery of) provision for loan losses		-3,256			-563			2			-3,817
	Recoveries of loans previously charged-off		53			-			-			53
	Balance as of November 30, 2012	$	133,578		$	8,314		$	6,845		$	148,737
		As of and for the six months ended November 30, 2013
	(dollar amounts in thousands)	CFC			RTFC			NCSC			Total
	Balance as of May 31, 2013	$	41,246		$	9,158		$	3,921		$	54,325
	Provision for loan losses		1,410			307			657			2,374
	Charge-offs		-			-1,606			-			-1,606
	Recoveries of loans previously charged-off		106			-			-			106
	Balance as of November 30, 2013	$	42,762		$	7,859		$	4,578		$	55,199
		As of and for the six months ended November 30, 2012
	(dollar amounts in thousands)	CFC			RTFC			NCSC			Total
	Balance as of May 31, 2012	$	126,941		$	8,562		$	7,823		$	143,326
	Provision for (recovery of) loan losses		6,531			-248			-978			5,305
	Recoveries of loans previously charged-off		106			-			-			106
	Balance as of November 30, 2012	$	133,578		$	8,314		$	6,845		$	148,737
Allowance for Credit Losses and Recorded Investment in Financing Receivables	'
	The tables below present the loan loss allowance and the recorded investment in outstanding loans by impairment methodology and by company:
		November 30, 2013
	(dollar amounts in thousands)	CFC			RTFC			NCSC			Total
	Ending balance of the allowance:
	Collectively evaluated	$	42,762		$	6,041		$	4,578		$	53,381
	Individually evaluated		-			1,818			-			1,818
	Total ending balance of the allowance	$	42,762		$	7,859		$	4,578		$	55,199
	Recorded investment in loans:
	Collectively evaluated	$	19,166,730		$	461,069		$	732,253		$	20,360,052
	Individually evaluated		12,584			5,794			-			18,378
	Total recorded investment in loans	$	19,179,314		$	466,863		$	732,253		$	20,378,430
	Loans to members, net (1)	$	19,136,552		$	459,004		$	727,675		$	20,323,231
		May 31, 2013
	(dollar amounts in thousands)	CFC			RTFC			NCSC			Total
	Ending balance of the allowance:
	Collectively evaluated	$	41,246		$	5,731		$	3,921		$	50,898
	Individually evaluated		-			3,427			-			3,427
	Total ending balance of the allowance	$	41,246		$	9,158		$	3,921		$	54,325
	Recorded investment in loans:
	Collectively evaluated	$	18,967,864		$	492,862		$	773,141		$	20,233,867
	Individually evaluated		51,953			10,497			-			62,450
	Total recorded investment in loans	$	19,019,817		$	503,359		$	773,141		$	20,296,317
	Loans to members, net (1)	$	18,978,571		$	494,201		$	769,220		$	20,241,992
	(1) Excludes deferred origination costs of  $10 million at November 30, 2013 and May 31, 2013.
Impaired Financing Receivable with Related Allowance Recorded Investment	'
	Our recorded investment in individually-impaired loans and the related specific valuation allowance is summarized below by member class:
		November 30, 2013						May 31, 2013
	(dollar amounts in thousands)	Recorded			Related			Recorded			Related
		investment			allowance			investment			allowance
	With no specific allowance recorded:
	CFC/Distribution	$	7,584		$	-		$	46,953		$	-
	CFC/Power Supply		5,000			-			5,000			-
	Total		12,584			-			51,953			-
	With a specific allowance recorded:
	RTFC		5,794			1,818			10,497			3,427
	Total		5,794			1,818			10,497			3,427
	Total impaired loans	$	18,378		$	1,818		$	62,450		$	3,427
Impaired Financing Receivable Average Recorded Investment and Interest Income Recognized	'
	The recorded investment for impaired loans was equal to the total unpaid principal balance for impaired loans as of November 30, 2013 and May 31, 2013. The table below represents the average recorded investment in impaired loans and the interest income recognized by member class:
		For the three months ended November 30,
		2013			2012			2013			2012
	(dollar amounts in thousands)	Average recorded investment						Interest income recognized
	CFC/Distribution	$	7,584		$	70,706		$	-		$	7,625
	CFC/Power Supply		5,000			5,000			-			-
	RTFC		7,295			6,618			-			-
	Total impaired loans	$	19,879		$	82,324		$	-		$	7,625
		For the six months ended November 30,
		Average recorded investment						Interest income recognized
	(dollar amounts in thousands)	2013			2012			2013			2012
	CFC/Distribution	$	14,116		$	277,891		$	136		$	13,087
	CFC/Power Supply		5,000			5,000			-			-
	RTFC		8,838			6,754			-			-
	Total impaired loans	$	27,954		$	289,645		$	136		$	13,087
Schedule of Loans and Leases Receivable Impaired Interest Reduced on Nonaccrual Loans	'
	Foregone interest income as a result of holding loans on non-accrual status:
		For the three months ended						For the six months ended
		November 30,						November 30,
	(dollar amounts in thousands)	2013			2012			2013			2012
	Non-performing loans	$	142		$	373		$	321		$	780
	Restructured loans		122			-			244			-
	Total	$	264		$	373		$	565		$	780
Schedule of Financing Receivables Pledged as Collateral Against Debt Instruments	'
	The following table summarizes our loans outstanding as collateral pledged to secure our collateral trust bonds, Clean Renewable Energy Bonds and notes payable to the Federal Agricultural Mortgage Corporation and the amount of the corresponding debt outstanding (see Note 5, Short-Term Debt and Credit Arrangements and Note 6, Long-Term Debt).
	(dollar amounts in thousands)	November 30, 2013			May 31, 2013
	Collateral trust bonds:
	2007 indenture
	Distribution system mortgage notes	$	5,536,853		$	5,674,804
	RUS guaranteed loans qualifying as permitted investments		163,630			165,823
	Total pledged collateral	$	5,700,483		$	5,840,627
	Collateral trust bonds outstanding		4,579,372			4,679,372
	1994 indenture
	Distribution system mortgage notes	$	1,599,727		$	1,641,858
	Collateral trust bonds outstanding		1,460,000			1,465,000
	Federal Agricultural Mortgage Corporation:
	Distribution and power supply system mortgage notes	$	1,693,828		$	1,795,947
	Notes payable outstanding		1,529,286			1,542,474
	Clean Renewable Energy Bonds Series 2009A:
	Distribution and power supply system mortgage notes	$	22,467		$	23,536
	Cash		8,651			7,634
	Total pledged collateral	$	31,118		$	31,170
	Notes payable outstanding		19,888			19,888
Schedule of Financing Receivables on Deposit Pledged as Collateral Against Debt Instruments	'
	The following table shows the collateral on deposit and the amount of the corresponding debt outstanding:
	(dollar amounts in thousands)	November 30, 2013			May 31, 2013
	Federal Financing Bank
	Distribution and power supply system mortgage notes on deposit	$	4,453,299		$	3,903,786
	Notes payable outstanding		3,999,000			3,674,000

Foreclosed_Assets_Tables

Foreclosed Assets (Tables)	6 Months Ended
	Nov. 30, 2013
Foreclosed Assets	'
Schedule of Foreclosed Assets Roll Forward	'
	The activity for foreclosed assets is summarized below:
		As of and for the six months ended November 30, 2013
	(dollar amounts in thousands)	CAH		DRP		Total
	Balance as of May 31, 2013	$	248,049	$	13,423	$	261,472
	Results of operations		-6,651		-667		-7,318
	Cash investments (proceeds)		5,953		-4,500		1,453
	Balance as of November 30, 2013	$	247,351	$	8,256	$	255,607

ShortTerm_Debt_and_Credit_Arra1

Short-Term Debt and Credit Arrangements (Tables)	6 Months Ended
	Nov. 30, 2013
Short-Term Debt and Credit Arrangements	'
Schedule of Debt	'
	The following is a summary of short-term debt outstanding:
		November 30,		May 31,
	(dollar amounts in thousands)	2013		2013
	Short-term debt:
	Commercial paper sold through dealers, net of discounts (1)	$	1,876,868	$	2,009,884
	Commercial paper sold directly to members, at par (1)		1,011,155		812,141
	Commercial paper sold directly to non-members, at par (1)		25,006		39,298
	Select notes		588,590		358,390
	Daily liquidity fund notes sold directly to members		606,586		680,419
	Bank bid notes		150,000		150,000
	Subtotal short-term debt		4,258,205		4,050,132
	Long-term debt maturing within one year:
	Medium-term notes sold through dealers		607,472		989,607
	Medium-term notes sold to members		416,998		391,318
	Secured collateral trust bonds		604,994		1,504,949
	Loan and gurantees subordinated certificates		37,827		37,176
	Member capital securities		85,615		-
	Secured notes payable		451,972		742,402
	Unsecured notes payable		3,907		3,899
	Total long-term debt maturing within one year		2,208,785		3,669,351
	Total short-term debt	$	6,466,990	$	7,719,483
	(1) Backup liquidity is provided by our revolving credit agreements.
Schedule of Line of Credit Facilities	'
	The following table presents the total available and the outstanding letters of credit under our revolving credit agreements:
		Total available				Letters of credit outstanding
		November 30,		May 31,		November 30,		May 31,			Facility fee per
	(dollar amounts in thousands)	2013		2013		2013		2013		Maturity	year (1)
	Three-year agreement	$	219,000	$	219,000	$	-	$	-	21-Mar-14	15 basis points
	Three-year agreement		1,006,000		916,000		-		-	28-Oct-16	10 basis points
	Four-year agreement		1,087,500		1,007,500		-		-	28-Oct-17	10 basis points
	Five-year agreement		1,030,609		954,012		1,891		3,488	28-Oct-18	10 basis points
	Total	$	3,343,109	$	3,096,512	$	1,891	$	3,488
	(1) Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.
Schedule of Line of Credit Facility Covenants	'
	The following represents our required and actual financial ratios under the revolving credit agreements:
				Actual
		Requirement		November 30, 2013		May 31, 2013
	Minimum average adjusted TIER over the six most recent		1.025		1.27		1.27
	fiscal quarters (1)
	Minimum adjusted TIER for the most recent fiscal year (1) (2)		1.05		1.29		1.29
	Maximum ratio of adjusted senior debt to total equity (1)		10		5.74		5.85
	(1) In addition to the adjustments made to the leverage ratio set forth in the Non-GAAP Financial Measures section, senior debt excludes guarantees to member systems that have certain investment-grade ratings from Moody’s Investors Service and Standard & Poor’s Corporation. The TIER and debt-to-equity calculations include the adjustments set forth in the Non-GAAP Financial Measures section and exclude the results of operations for CAH.
	(2) We must meet this requirement to retire patronage capital

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
	Nov. 30, 2013
Long-Term Debt	'
Schedule of Long-term Debt Instruments	'
	The following is a summary of long-term debt outstanding:
		November 30,		May 31,
		2013		2013
	(dollar amounts in thousands)
	Unsecured long-term debt:
	Medium-term notes sold through dealers	$	1,780,416	$	1,528,424
	Medium-term notes sold to members		143,280		182,790
	Subtotal		1,923,696		1,711,214
	Unamortized discount		-620		-627
	Total unsecured medium-term notes		1,923,076		1,710,587
	Unsecured notes payable		4,034,075		3,709,074
	Unamortized discount		-845		-920
	Total unsecured notes payable		4,033,230		3,708,154
	Total unsecured long-term debt		5,956,306		5,418,741
	Secured long-term debt:
	Collateral trust bonds		5,434,372		4,639,372
	Unamortized discount		-179,976		-181,640
	Total secured collateral trust bonds		5,254,396		4,457,732
	Secured notes payable		1,097,202		819,960
	Total secured long-term debt		6,351,598		5,277,692
	Total long-term debt	$	12,307,904	$	10,696,433

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	6 Months Ended
	Nov. 30, 2013
Derivative Financial Instruments	'
Schedule of Derivative Instruments	'
	The following table shows the notional amounts outstanding and the weighted-average rate paid and received for our interest rate swaps by type:
			November 30, 2013						May 31, 2013
					Weighted-		Weighted-				Weighted-		Weighted-
			Notional		average		average		Notional		average		average
	(dollar amounts in thousands)		amount		rate paid		rate received		amount		rate paid		rate received
	Pay fixed-receive variable	$	5,446,222		3.35	%	0.23	%	$	5,287,889	3.39	%	0.26	%
	Pay variable-receive fixed		2,925,440		0.95		4.06			3,500,440	1.12		4.62
	Total interest rate swaps	$	8,371,662		2.51		1.57		$	8,788,329	2.49		2
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	'
	Gains and losses recorded on the condensed consolidated statements of operations for our interest rate swaps are summarized below:
			For the three months ended				For the six months ended
			November 30,				November 30,
	(dollar amounts in thousands)		2013		2012		2013		2012
	Derivative cash settlements		$	-19,471	$	-15,456	$	-36,156	$	-29,319
	Derivative forward value			-11,309		11,690		111,760		961
	Derivative (losses) gains		$	-30,780	$	-3,766	$	75,604	$	-28,358
Disclosure of Credit Derivatives	'
	At November 30, 2013, the following notional amounts of derivative instruments had rating triggers based on our senior unsecured credit ratings from Moody’s Investors Service or Standard & Poor’s Corporation falling to a level specified in the applicable agreements and are grouped into the categories below.
			Notional		Our required		Amount we		Net
	(dollar amounts in thousands)		amount		payment		would collect		total
	Mutual rating trigger if ratings:
	fall to Baa1/BBB+ (1)		$	1,500	$	-40	$	-	$	-40
	fall below Baa1/BBB+ (1)			6,627,731		-162,986		88,745		-74,241
	Total		$	6,629,231	$	-163,026	$	88,745	$	-74,281
	(1) Stated senior unsecured credit ratings are for Moody’s Investors Service and Standard & Poor’s Corporation, respectively. Under these rating triggers, if the credit rating for either counterparty falls to the level specified in the agreement, the other counterparty may, but is not obligated to, terminate the agreement. If either counterparty terminates the agreement, a net payment may be due from one counterparty to the other based on the fair value, excluding credit risk, of the underlying derivative instrument
Offsetting Assets and Liabilities	'
	The following table provides information on the gross fair value of derivative assets and liabilities and the gross amounts that are not offset in the condensed consolidated balance sheets.
			November 30, 2013
							Net amounts of		Gross amounts
					Gross amounts		assets/liabilities		not offset in the condensed
					offset in the		presented		consolidated balance sheets
			Gross amounts		condensed		in the condensed				Cash
			of recognized		consolidated		consolidated		Financial		collateral		Net
	(dollar amounts in thousands)		assets/liabilities		balance sheets		balance sheets		instruments		pledged		amount
	Assets:
	Derivatives - Interest rate swaps		$	291,757	$	-	$	291,757	$	212,917	$	-	$	78,840
	Liabilities:
	Derivatives - Interest rate swaps			397,695		-		397,695		212,917		-		184,778
			May 31, 2013
							Net amounts of		Gross amounts
					Gross amounts		assets/liabilities		not offset in the condensed
					offset in the		presented		consolidated balance sheets
			Gross amounts		condensed		in the condensed				Cash
			of recognized		consolidated		consolidated		Financial		collateral		Net
	(dollar amounts in thousands)		assets/liabilities		balance sheets		balance sheets		instruments		pledged		amount
	Assets:
	Derivatives - Interest rate swaps		$	257,878	$	-	$	257,878	$	203,161	$	-	$	54,717
	Liabilities:
	Derivatives - Interest rate swaps			475,278		-		475,278		203,161		-		272,117

Guarantees_Tables

Guarantees (Tables)	6 Months Ended
	Nov. 30, 2013
Guarantees	'
Schedule of Guarantor Obligations	'
	The following table summarizes total guarantees by type of guarantee and member class:
		November 30,			May 31,
	(dollar amounts in thousands)	2013			2013
	Total by type:
	Long-term tax-exempt bonds	$	526,990		$	547,970
	Letters of credit		451,594			447,683
	Other guarantees		115,645			117,118
	Total	$	1,094,229		$	1,112,771
	Total by member class:
	CFC:
	Distribution	$	224,521		$	245,265
	Power supply		813,891			810,900
	Statewide and associate		5,397			6,948
	CFC total		1,043,809			1,063,113
	RTFC		2,304			3,711
	NCSC		48,116			45,947
	Total	$	1,094,229		$	1,112,771
Schedule of Activity in Guarantee Liability Account	'
	Activity in the guarantee liability account is summarized below:
		As of and for the
		six months ended
	(dollar amounts in thousands)	November 30, 2013
	Beginning balance as of May 31, 2013	$	24,742
	Net change in non-contingent liability		-850
	Provision for contingent guarantee liability		42
	Ending balance as of November 30, 2013	$	23,934
	Liability as a percentage of total guarantees		2.19	%

Fair_Value_Measurement_Tables

Fair Value Measurement (Tables)	6 Months Ended
	Nov. 30, 2013
Fair Value Measurement	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	'
	The following table presents our assets and liabilities that are measured at fair value on a recurring basis:
		November 30, 2013				May 31, 2013
	(dollar amounts in thousands)	Level 1		Level 2			Level 1		Level 2
	Derivative assets	$	-	$	291,757	$	-	$	257,878
	Derivative liabilities		-		397,695		-		475,278
	Investments in common and preferred stock		26,388		-		31,632		-
	Deferred compensation investments		4,169		-		3,716		-
Fair Value Measurements, Nonrecurring	'
	The following table provides the carrying/fair value of the related individual assets at November 30, 2013 and May 31, 2013:
		Level 3 Fair Value
	(dollar amounts in thousands)	November 30,		May 31,
		2013		2013
	Non-performing loans, net of specific reserves	$	8,976	$	12,070

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Nov. 30, 2013
Fair Value of Financial Instruments	'
Fair Value, by Balance Sheet Grouping	'
	Carrying and fair values for our financial instruments are presented as follows:
		November 30, 2013				May 31, 2013
	(dollar amounts in thousands)	Carrying value		Fair value		Carrying value		Fair value
	Assets:
	Cash and cash equivalents	$	301,377	$	301,377	$	177,062	$	177,062
	Restricted cash		8,651		8,651		7,696		7,696
	Investments		26,388		26,388		31,632		31,632
	Time deposits		800,000		800,000		700,000		700,000
	Deferred compensation investments		4,169		4,169		3,716		3,716
	Loans to members, net		20,333,021		20,746,388		20,251,549		21,318,406
	Debt service reserve funds		39,353		39,353		39,803		39,803
	Derivative instruments		291,757		291,757		257,878		257,878
	Liabilities:
	Short-term debt		6,466,990		6,480,895		7,719,483		7,751,021
	Long-term debt		12,307,904		13,443,765		10,696,433		12,156,097
	Guarantee liability		23,934		26,862		24,742		27,730
	Derivative instruments		397,695		397,695		475,278		475,278
	Subordinated deferrable debt		400,000		375,532		400,000		404,300
	Members’ subordinated certificates		1,637,282		1,754,549		1,729,226		1,880,672
	Off-balance sheet instruments:
	Commitments		-		-		-		-

Segment_Information_Tables

Segment Information (Tables)	6 Months Ended
	Nov. 30, 2013
Segment Information	'
Schedule of Segment Reporting Information, by Segment	'
	The following tables contain the segment presentation for the condensed consolidated statements of operations for the six months ended November 30, 2013 and 2012 and condensed consolidated balance sheets at November 30, 2013 and 2012.
		For the six months ended November 30, 2013
	(dollar amounts in thousands)	CFC		Other		Elimination		Consolidated
	Statement of operations:
	Interest income	$	472,831	$	25,345	$	-17,851	$	480,325
	Interest expense		-332,200		-18,581		17,851		-332,930
	Net interest income		140,631		6,764		-		147,395
	Provision for loan losses		-2,374		-		-		-2,374
	Net interest income after provision for loan losses		138,257		6,764		-		145,021
	Non-interest income:
	Fee and other income		8,187		694		400		9,281
	Derivative gains		74,351		1,253		-		75,604
	Results of operations from foreclosed assets		-7,318		-		-		-7,318
	Total non-interest income		75,220		1,947		400		77,567
	Non-interest expense:
	General and administrative expenses		-32,663		-4,125		-400		-37,188
	Provision for guarantee liability		-42		-		-		-42
	Other		-299		1		-		-298
	Total non-interest expense		-33,004		-4,124		-400		-37,528
	Income prior to income taxes		180,473		4,587		-		185,060
	Income tax expense		-		-1,802		-		-1,802
	Net income	$	180,473	$	2,785	$	-	$	183,258
	Assets:
	Total loans outstanding	$	20,342,560	$	1,199,116	$	-1,163,246	$	20,378,430
	Deferred origination costs		9,790		-		-		9,790
	Less: Allowance for loan losses		-55,199		-		-		-55,199
	Loans to members, net		20,297,151		1,199,116		-1,163,246		20,333,021
	Other assets		2,079,206		140,738		-121,601		2,098,343
	Total assets	$	22,376,357	$	1,339,854	$	-1,284,847	$	22,431,364
		For the six months ended November 30, 2012
	(dollar amounts in thousands)	CFC		Other		Elimination		Consolidated
	Statement of operations:
	Interest income	$	473,682	$	28,333	$	-20,300	$	481,715
	Interest expense		-350,034		-21,163		20,300		-350,897
	Net interest income		123,648		7,170		-		130,818
	Provision for loan losses		-5,305		-		-		-5,305
	Net interest income after provision for loan losses		118,343		7,170		-		125,513
	Non-interest income:
	Fee and other income		22,533		686		-454		22,765
	Derivative losses		-26,436		-1,922		-		-28,358
	Results of operations from foreclosed assets		-5,674		-		-		-5,674
	Total non-interest income		-9,577		-1,236		-454		-11,267
	Non-interest expense:
	General and administrative expenses		-32,297		-4,778		454		-36,621
	Recovery of guarantee liability		101		-		-		101
	Other		-4,547		-		-		-4,547
	Total non-interest expense		-36,743		-4,778		454		-41,067
	Income prior to income taxes		72,023		1,156		-		73,179
	Income tax expense		-		-452		-		-452
	Net income	$	72,023	$	704	$	-	$	72,727
	Assets:
	Total loans outstanding	$	19,064,837	$	1,230,471	$	-1,198,134	$	19,097,174
	Deferred origination costs		8,033		-		-		8,033
	Less: Allowance for loan losses		-148,737		-		-		-148,737
	Loans to members, net		18,924,133		1,230,471		-1,198,134		18,956,470
	Other assets		1,623,931		153,837		-123,844		1,653,924
	Total assets	$	20,548,064	$	1,384,308	$	-1,321,978	$	20,610,394
	The following tables contain the segment presentation for the condensed consolidated statements of operations for the three months ended November 30, 2013 and 2012.
		For the three months ended November 30, 2013
	(dollar amounts in thousands)	CFC		Other		Elimination		Consolidated
	Statement of operations:
	Interest income	$	235,505	$	12,582	$	-8,833	$	239,254
	Interest expense		-164,980		-9,198		8,833		-165,345
Net interest income		70,525		3,384		-		73,909
Provision for loan losses		-1,096		-		-		-1,096
Net interest income after provision for loan losses		69,429		3,384		-		72,813
Non-interest income:
Fee and other income		4,163		342		620		5,125
Derivative losses		-29,232		-1,548		-		-30,780
Results of operations from foreclosed assets		-3,269		-		-		-3,269
Total non-interest income		-28,338		-1,206		620		-28,924
Non-interest expense:
General and administrative expenses		-15,942		-2,011		-620		-18,573
Provision for guarantee liability		-73		-		-		-73
Other		-151		1		-		-150
Total non-interest expense		-16,166		-2,010		-620		-18,796
Income prior to income taxes		24,925		168		-		25,093
Income tax expense		-		-101		-		-101
Net income	$	24,925	$	67	$	-	$	24,992
	For the three months ended November 30, 2012
(dollar amounts in thousands)	CFC		Other		Elimination		Consolidated
Statement of operations:
Interest income	$	237,711	$	13,946	$	-10,027	$	241,630
Interest expense		-173,870		-10,458		10,027		-174,301
Net interest income		63,841		3,488		-		67,329
Recovery of loan losses		3,817		-		-		3,817
Net interest income after recovery of loan losses		67,658		3,488		-		71,146
Non-interest income:
Fee and other income		17,741		292		-226		17,807
Derivative losses		-3,391		-375		-		-3,766
Results of operations from foreclosed assets		-909		-		-		-909
Total non-interest income		13,441		-83		-226		13,132
Non-interest expense:
General and administrative expenses		-17,425		-2,252		226		-19,451
Recovery of guarantee liability		92		-		-		92
Other		-4,384		-		-		-4,384
Total non-interest expense		-21,717		-2,252		226		-23,743
Income prior to income taxes		59,382		1,153		-		60,535
Income tax expense		-		-454		-		-454
Net income	$	59,382	$	699	$	-	$	60,081

General_Information_and_Accoun3

General Information and Accounting Policies (Details) (USD $)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013		Nov. 30, 2012		Nov. 30, 2013		Nov. 30, 2012
Components of interest income	'		'		'		'
Interest on investments	$1,817		$1,576		$3,753		$2,514
Fee income	3,154	[1]	1,876	[1]	5,170	[1]	3,904	[1]
Total interest income	239,254		241,630		480,325		481,715
Long-term fixed-rate loans	'		'		'		'
Components of interest income	'		'		'		'
Total interest income	221,952		218,247		446,535		436,187
Long-term variable-rate loans	'		'		'		'
Components of interest income	'		'		'		'
Total interest income	4,826		4,893		9,654		10,918
Line of credit loans	'		'		'		'
Components of interest income	'		'		'		'
Total interest income	7,505		7,413		15,077		15,105
Restructured loans	'		'		'		'
Components of interest income	'		'		'		'
Total interest income	$0		$7,625		$136		$13,087
[1]	Primarily related to conversion fees that are deferred and recognized using the effective interest method over the remaining original loan interest rate pricing term, except for a small portion of the total fee charged to cover administrative costs related to the conversion, which is recognized immediately.

General_Information_and_Accoun4

General Information and Accounting Policies (Details 1) (USD $)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013		Nov. 30, 2012		Nov. 30, 2013		Nov. 30, 2012
Interest expense on debt:	'		'		'		'
Debt issuance costs	$1,782	[1]	$1,905	[1]	$3,647	[1]	$3,842	[1]
Fee expense	2,115	[2]	2,345	[2]	4,719	[2]	4,507	[2]
Total interest expense	165,345		174,301		332,930		350,897
Short-term debt	'		'		'		'
Interest expense on debt:	'		'		'		'
Interest expense on debt	1,607	[3]	1,697	[3]	3,039	[3]	3,316	[3]
Medium-term notes	'		'		'		'
Interest expense on debt:	'		'		'		'
Interest expense on debt	20,980	[3]	24,833	[3]	42,551	[3]	52,716	[3]
Collateral trust bonds	'		'		'		'
Interest expense on debt:	'		'		'		'
Interest expense on debt	74,858	[3]	82,271	[3]	151,656	[3]	163,710	[3]
Subordinated deferrable debt	'		'		'		'
Interest expense on debt:	'		'		'		'
Interest expense on debt	4,750	[3]	2,807	[3]	9,500	[3]	5,613	[3]
Subordinated certificates	'		'		'		'
Interest expense on debt:	'		'		'		'
Interest expense on debt	20,494	[3]	20,528	[3]	41,120	[3]	40,882	[3]
Long-term notes payable	'		'		'		'
Interest expense on debt:	'		'		'		'
Interest expense on debt	$38,759	[3]	$37,915	[3]	$76,698	[3]	$76,311	[3]
[1]	Includes amortization of all deferred charges related to the issuance of debt, principally underwritersb fees, legal fees, printing costs and comfort letter fees. Amortization is calculated using the effective interest method or a method approximating the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized as incurred.
[2]	Includes various fees related to funding activities, including fees paid to banks participating in our revolving credit agreements. Fees are recognized as incurred or amortized on a straight-line basis over the life of the respective agreement.
[3]	Represents interest expense and the amortization of discounts on debt.

General_Information_and_Accoun5

General Information and Accounting Policies (Details 2) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012
Immaterial Correction of Errors	'	'
Advances made on loans	($3,941,276)	($2,486,149)
Net proceeds from sale of loans	'	0
Proceeds from issuances of short-term debt, net	64,751	90,853
Proceeds from issuances of short term debt with original maturity greater than 90 days	468,142	322,406
Repayments of short term debt with original maturity greater than 90 days	-324,820	-198,172
As Filed	'	'
Immaterial Correction of Errors	'	'
Advances made on loans	'	-2,584,296
Net proceeds from sale of loans	'	98,147
Proceeds from issuances of short-term debt, net	'	215,087
Proceeds from issuances of short term debt with original maturity greater than 90 days	'	0
Repayments of short term debt with original maturity greater than 90 days	'	0
Adjustment	'	'
Immaterial Correction of Errors	'	'
Advances made on loans	'	98,147
Net proceeds from sale of loans	'	-98,147
Proceeds from issuances of short-term debt, net	'	-124,234
Proceeds from issuances of short term debt with original maturity greater than 90 days	'	322,406
Repayments of short term debt with original maturity greater than 90 days	'	($198,172)

General_Information_and_Accoun6

General Information and Accounting Policies (Details Textual) (USD $)	6 Months Ended
	Nov. 30, 2013	Nov. 30, 2012	31-May-13
Variable Interest Entities	'	'	'
Number of subsidiaries controlled by the entity, holding foreclosed assets	2	'	'
Loans outstanding	$20,333,021,000	$18,956,470,000	$20,251,549,000
Loans Receivable Cost of Loans Sold	37,000,000	98,000,000	'
Deferred Loan Conversion Fees	69,000,000	'	21,000,000
RTFC	'	'	'
Variable Interest Entities	'	'	'
Renewal period of the management agreement	'1 year	'	'
Consolidated variable interest entities | RTFC	'	'	'
Variable Interest Entities	'	'	'
Guarantee amount	2,000,000	'	'
Total assets including loans outstanding to members	583,000,000	'	'
Loans outstanding	467,000,000	'	'
Maximum amount committed to extend loan	4,000,000,000	'	'
Commitment outstanding	447,000,000	'	'
Consolidated variable interest entities | NCSC	'	'	'
Variable Interest Entities	'	'	'
Guarantee amount	82,000,000	'	'
Maximum potential exposure	89,000,000	'	'
Total assets including loans outstanding to members	757,000,000	'	'
Loans outstanding	732,000,000	'	'
Maximum amount committed to extend loan	3,000,000,000	'	'
Commitment outstanding	799,000,000	'	'
Loans outstanding	717,000,000	'	'
Credit enhancements	$82,000,000	'	'

Investments_Details_Textual

Investments (Details Textual) (USD $)	Nov. 30, 2013	31-May-13
In Millions, unless otherwise specified
Federal Agricultural Mortgage Corporation Class A common stock	'	'
Investments	'	'
Investment at fair value	$2.30	$2.20
Unrealized gain recorded in accumulated other comprehensive income, included in common stock carrying value	1.8	1.7
Federal Agricultural Mortgage Corporation Series A preferred stock	'	'
Investments	'	'
Investment at fair value	24	29
Cost of purchases, included in preferred stock carrying value	30	'
Cost of purchases, included in common stock carrying value	0.5	'
Unrealized loss recorded in accumulated other comprehensive income, included in preferred stock carrying value	$6	$1

Loans_and_Commitments_Details

Loans and Commitments (Details) (USD $)	Nov. 30, 2013		Aug. 31, 2013	31-May-13		Nov. 30, 2012	Aug. 31, 2012	31-May-12
In Thousands, unless otherwise specified
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	$20,378,430	[1]	'	$20,296,317	[1]	$19,097,174	'	'
Deferred origination costs	9,790		'	9,557		8,033	'	'
Less: Allowance for loan losses	-55,199		-55,656	-54,325		-148,737	-152,501	-143,326
Loans to members, net	20,333,021		'	20,251,549		18,956,470	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	'		'	39,000		'	'	'
Nonperforming Financing Receivable	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	10,794		'	15,497		'	'	'
Restructured financing receivable	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	7,584		'	46,953		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	0	[2]	'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Deferred origination costs	0		'	0		'	'	'
Less: Allowance for loan losses	0		'	0		'	'	'
Loans to members, net	14,015,207		'	13,422,748		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	14,015,207	[1],[2]	'	13,422,748	[1],[2]	'	'	'
Unadvanced commitments | Restructured financing receivable	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	'		'	5,000	[2]	'	'	'
CFC	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	19,179,314	[1]	'	19,019,817	[1]	19,064,837	'	'
Deferred origination costs	9,790		'	'		8,033	'	'
Less: Allowance for loan losses	-42,762		-43,336	-41,246		-133,578	-136,781	-126,941
Loans to members, net	20,297,151		'	'		18,924,133	'	'
CFC | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	12,655,969	[1],[2]	'	12,196,431	[1],[2]	'	'	'
CFC | Distribution	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	15,019,692	[1]	'	14,941,192	[1]	'	'	'
CFC | Distribution | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	9,414,509	[1],[2]	'	8,948,826	[1],[2]	'	'	'
CFC | Power supply	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	4,094,415	[1]	'	4,007,669	[1]	'	'	'
CFC | Power supply | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	3,133,967	[1],[2]	'	3,145,518	[1],[2]	'	'	'
CFC | Statewide and associate	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	65,207	[1]	'	70,956	[1]	'	'	'
CFC | Statewide and associate | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	107,493	[1],[2]	'	102,087	[1],[2]	'	'	'
RTFC	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	466,863	[1]	'	503,359	[1]	'	'	'
RTFC | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	305,649	[1],[2]	'	317,344	[1],[2]	'	'	'
NCSC	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	732,253	[1]	'	773,141	[1]	'	'	'
NCSC | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	1,053,589	[1],[2]	'	908,973	[1],[2]	'	'	'
Long-term fixed-rate loans	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	18,149,347	[1]	'	17,918,268	[1]	'	'	'
Long-term fixed-rate loans | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	0	[1],[2]	'	0	[1],[2]	'	'	'
Long-term fixed-rate loans | CFC | Restructured financing receivable	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	7,584		'	46,953		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	0	[2]	'	'		'	'	'
Long-term fixed-rate loans | RTFC | Nonperforming Financing Receivable	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	3,010		'	3,690		'	'	'
Long-term variable-rate loans	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	691,568	[1]	'	782,006	[1]	'	'	'
Long-term variable-rate loans | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	5,134,559	[1],[2]	'	4,718,162	[1],[2]	'	'	'
Long-term variable-rate loans | RTFC | Nonperforming Financing Receivable	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	2,784		'	6,807		'	'	'
Loans guaranteed by RUS	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	204,465	[1]	'	210,815	[1]	'	'	'
Loans guaranteed by RUS | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	0	[1],[2]	'	0	[1],[2]	'	'	'
Line of credit loans	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	1,333,050	[1]	'	1,385,228	[1]	'	'	'
Line of credit loans | Unadvanced commitments	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	8,880,648	[1],[2]	'	8,704,586	[1],[2]	'	'	'
Line of credit loans | CFC | Nonperforming Financing Receivable	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	5,000		'	5,000		'	'	'
Line of credit loans | CFC | Restructured financing receivable	'		'	'		'	'	'
Loans outstanding	'		'	'		'	'	'
Total loans outstanding	0		'	0		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	0	[2],[3]	'	'		'	'	'
Line of credit loans | CFC | Unadvanced commitments | Restructured financing receivable	'		'	'		'	'	'
Unadvanced commitments	'		'	'		'	'	'
Total Unadvanced commitments	'		'	$5,000	[2],[3]	'	'	'
[1]	Includes non-performing and restructured loans.
[2]	The interest rate on unadvanced commitments is not set until drawn, therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.
[3]	The unadvanced commitment is part of the terms outlined in the related restructure agreement. Loans advanced under these commitments would be classified as performing. Principal and interest due under these performing loans would be in addition to scheduled payments due under the restructured loan agreement.

Loans_and_Commitments_Details_

Loans and Commitments (Details 1) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Notional maturities of committed lines of credit	'	'
Total unadvanced commitments	'	$39,000
Unadvanced commitments subject to material adverse change clauses	'	'
Notional maturities of committed lines of credit	'	'
2014	44,048	'
2015	63,776	'
2016	61,000	'
2017	636,111	'
2018	894,080	'
Thereafter	248,785	'
Total unadvanced commitments	$1,947,800	$11,720,000

Loans_and_Commitments_Details_1

Loans and Commitments (Details 2) (USD $)	Nov. 30, 2013		31-May-13		Nov. 30, 2012
In Thousands, unless otherwise specified
Payment Status of Loans	'		'		'
30-89 days past due	$0		$7,004		'
90 days or more past due	8,858	[1]	9,156	[1]	'
Total past due	8,858		16,160		'
Current	20,369,572		20,280,157		'
Total financing receivables	20,378,430	[2]	20,296,317	[2]	19,097,174
Non-accrual loans	18,378		23,081		'
As a % of total loans	'		'		'
30-89 days past due	0.00%		0.03%		'
90 days or more past due	0.04%	[1]	0.05%	[1]	'
Total past due	0.04%		0.08%		'
Current	99.96%		99.92%		'
Total recorded investment in loans	100.00%		100.00%		'
Non-accrual loans	0.09%		0.11%		'
RTFC	'		'		'
Payment Status of Loans	'		'		'
30-89 days past due	0		4,163		'
90 days or more past due	3,858	[1]	4,156	[1]	'
Total past due	3,858		8,319		'
Current	463,005		495,040		'
Total financing receivables	466,863		503,359		'
Non-accrual loans	5,794		10,497		'
NCSC	'		'		'
Payment Status of Loans	'		'		'
30-89 days past due	0		0		'
90 days or more past due	0	[1]	0	[1]	'
Total past due	0		0		'
Current	732,253		773,141		'
Total financing receivables	732,253		773,141		'
Non-accrual loans	0		0		'
CFC	'		'		'
Payment Status of Loans	'		'		'
30-89 days past due	0		2,841		'
90 days or more past due	5,000	[1]	5,000	[1]	'
Total past due	5,000		7,841		'
Current	19,174,314		19,011,976		'
Total financing receivables	19,179,314	[2]	19,019,817	[2]	19,064,837
Non-accrual loans	12,584		12,584		'
CFC | Distribution	'		'		'
Payment Status of Loans	'		'		'
30-89 days past due	0		2,841		'
90 days or more past due	0	[1]	0	[1]	'
Total past due	0		2,841		'
Current	15,019,692		14,938,351		'
Total financing receivables	15,019,692		14,941,192		'
Non-accrual loans	7,584		7,584		'
CFC | Power supply	'		'		'
Payment Status of Loans	'		'		'
30-89 days past due	0		0		'
90 days or more past due	5,000	[1]	5,000	[1]	'
Total past due	5,000		5,000		'
Current	4,089,415		4,002,669		'
Total financing receivables	4,094,415		4,007,669		'
Non-accrual loans	5,000		5,000		'
CFC | Statewide and associate	'		'		'
Payment Status of Loans	'		'		'
30-89 days past due	0		0		'
90 days or more past due	0	[1]	0	[1]	'
Total past due	0		0		'
Current	65,207		70,956		'
Total financing receivables	65,207	[2]	70,956	[2]	'
Non-accrual loans	$0		$0		'
[1]	All loans 90 days or more past due are on non-accrual status.
[2]	Includes non-performing and restructured loans.

Loans_and_Commitments_Details_2

Loans and Commitments (Details 3) (USD $)	Nov. 30, 2013		31-May-13		Nov. 30, 2012
In Thousands, unless otherwise specified
Credit Quality	'		'		'
Total loans outstanding	$20,378,430	[1]	$20,296,317	[1]	$19,097,174
Pass	'		'		'
Credit Quality	'		'		'
Total loans outstanding	20,334,545		20,249,372		'
Criticized	'		'		'
Credit Quality	'		'		'
Total loans outstanding	43,885		46,945		'
RTFC	'		'		'
Credit Quality	'		'		'
Total loans outstanding	466,863		503,359		'
RTFC | Pass	'		'		'
Credit Quality	'		'		'
Total loans outstanding	450,668		483,058		'
RTFC | Criticized	'		'		'
Credit Quality	'		'		'
Total loans outstanding	16,195		20,301		'
NCSC	'		'		'
Credit Quality	'		'		'
Total loans outstanding	732,253		773,141		'
NCSC | Pass	'		'		'
Credit Quality	'		'		'
Total loans outstanding	728,482		770,419		'
NCSC | Criticized	'		'		'
Credit Quality	'		'		'
Total loans outstanding	3,771		2,722		'
CFC	'		'		'
Credit Quality	'		'		'
Total loans outstanding	19,179,314	[1]	19,019,817	[1]	19,064,837
CFC | Pass	'		'		'
Credit Quality	'		'		'
Total loans outstanding	19,155,395		18,995,895		'
CFC | Criticized	'		'		'
Credit Quality	'		'		'
Total loans outstanding	23,919		23,922		'
CFC | Distribution	'		'		'
Credit Quality	'		'		'
Total loans outstanding	15,019,692		14,941,192		'
CFC | Distribution | Pass	'		'		'
Credit Quality	'		'		'
Total loans outstanding	15,001,056		14,922,558		'
CFC | Distribution | Criticized	'		'		'
Credit Quality	'		'		'
Total loans outstanding	18,636		18,634		'
CFC | Power supply	'		'		'
Credit Quality	'		'		'
Total loans outstanding	4,094,415		4,007,669		'
CFC | Power supply | Pass	'		'		'
Credit Quality	'		'		'
Total loans outstanding	4,089,415		4,002,669		'
CFC | Power supply | Criticized	'		'		'
Credit Quality	'		'		'
Total loans outstanding	5,000		5,000		'
CFC | Statewide and associate	'		'		'
Credit Quality	'		'		'
Total loans outstanding	65,207	[1]	70,956	[1]	'
CFC | Statewide and associate | Pass	'		'		'
Credit Quality	'		'		'
Total loans outstanding	64,924		70,668		'
CFC | Statewide and associate | Criticized	'		'		'
Credit Quality	'		'		'
Total loans outstanding	$283		$288		'
[1]	Includes non-performing and restructured loans.

Loans_and_Commitments_Details_3

Loans and Commitments (Details 4) (USD $)	Nov. 30, 2013		31-May-13		Nov. 30, 2012
In Thousands, unless otherwise specified
Loan Security	'		'		'
Total loans outstanding	$20,378,430	[1]	$20,296,317	[1]	$19,097,174
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	100.00%		100.00%		'
Unsecured	'		'		'
Loan Security	'		'		'
Total loans outstanding	2,173,783		2,243,258		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	11.00%		11.00%		'
Secured long-term debt	'		'		'
Loan Security	'		'		'
Total loans outstanding	18,204,647		18,053,059		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	89.00%		89.00%		'
Long-term fixed-rate bonds | Unsecured	'		'		'
Loan Security	'		'		'
Total loans outstanding	1,060,225		1,046,674		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	6.00%		6.00%		'
Long-term fixed-rate bonds | Secured long-term debt	'		'		'
Loan Security	'		'		'
Total loans outstanding	17,089,122		16,871,594		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	94.00%		94.00%		'
Long-term variable-rate bonds | Unsecured	'		'		'
Loan Security	'		'		'
Total loans outstanding	83,925		105,931		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	12.00%		14.00%		'
Long-term variable-rate bonds | Secured long-term debt	'		'		'
Loan Security	'		'		'
Total loans outstanding	607,643		676,075		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	88.00%		86.00%		'
RUS guaranteed loans qualifying as permitted investments | Unsecured	'		'		'
Loan Security	'		'		'
Total loans outstanding	0		0		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	0.00%		0.00%		'
RUS guaranteed loans qualifying as permitted investments | Secured long-term debt	'		'		'
Loan Security	'		'		'
Total loans outstanding	204,465		210,815		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	100.00%		100.00%		'
Line of credit loans | Unsecured	'		'		'
Loan Security	'		'		'
Total loans outstanding	1,029,633		1,090,653		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	77.00%		79.00%		'
Line of credit loans | Secured long-term debt	'		'		'
Loan Security	'		'		'
Total loans outstanding	303,417		294,575		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	23.00%		21.00%		'
CFC	'		'		'
Loan Security	'		'		'
Total loans outstanding	19,179,314	[1]	19,019,817	[1]	19,064,837
CFC | Unsecured	'		'		'
Loan Security	'		'		'
Total loans outstanding	1,935,863		1,970,788		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	10.00%		10.00%		'
CFC | Secured long-term debt	'		'		'
Loan Security	'		'		'
Total loans outstanding	17,243,451		17,049,029		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	90.00%		90.00%		'
RTFC	'		'		'
Loan Security	'		'		'
Total loans outstanding	466,863	[1]	503,359	[1]	'
RTFC | Unsecured	'		'		'
Loan Security	'		'		'
Total loans outstanding	20,856		20,712		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	4.00%		4.00%		'
RTFC | Secured long-term debt	'		'		'
Loan Security	'		'		'
Total loans outstanding	446,007		482,647		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	96.00%		96.00%		'
NCSC	'		'		'
Loan Security	'		'		'
Total loans outstanding	732,253	[1]	773,141	[1]	'
NCSC | Unsecured	'		'		'
Loan Security	'		'		'
Total loans outstanding	217,064		251,758		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	30.00%		33.00%		'
NCSC | Secured long-term debt	'		'		'
Loan Security	'		'		'
Total loans outstanding	$515,189		$521,383		'
Loans And Leases Receivable Commercial Net Of Deferred Income Percentage	70.00%		67.00%		'
[1]	Includes non-performing and restructured loans.

Loans_and_Commitments_Details_4

Loans and Commitments (Details 5) (USD $)	3 Months Ended			6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013		Nov. 30, 2012	Nov. 30, 2013		Nov. 30, 2012	31-May-13
Activity in the loan loss allowance	'		'	'		'	'
Balance at the beginning of the period	$55,656		$152,501	$54,325		$143,326	'
(Recovery of) provision for loan losses	1,096		-3,817	2,374		5,305	'
Charge-offs	1,606		'	1,606		'	'
Recoveries of loans previously charged-off	53		53	106		106	'
Balance at the end of the period	55,199		148,737	55,199		148,737	'
Ending balance of the allowance:	'		'	'		'	'
Collectively evaluated	53,381		'	53,381		'	50,898
Individually evaluated	1,818		'	1,818		'	3,427
Total ending balance of the allowance	55,199		148,737	55,199		148,737	'
Recorded investment in loans:	'		'	'		'	'
Collectively evaluated	20,360,052		'	20,360,052		'	20,233,867
Individually evaluated	18,378		'	18,378		'	62,450
Total loans outstanding	20,378,430	[1]	19,097,174	20,378,430	[1]	19,097,174	20,296,317	[1]
Loans to members, net	20,323,231		'	20,323,231		'	20,241,992	[2]
RTFC	'		'	'		'	'
Activity in the loan loss allowance	'		'	'		'	'
Balance at the beginning of the period	8,497		8,877	9,158		8,562	'
(Recovery of) provision for loan losses	968		-563	307		-248	'
Charge-offs	1,606		'	1,606		'	'
Recoveries of loans previously charged-off	0		0	0		0	'
Balance at the end of the period	7,859		8,314	7,859		8,314	'
Ending balance of the allowance:	'		'	'		'	'
Collectively evaluated	6,041		'	6,041		'	5,731
Individually evaluated	1,818		'	1,818		'	3,427
Total ending balance of the allowance	7,859		8,314	7,859		8,314	'
Recorded investment in loans:	'		'	'		'	'
Collectively evaluated	461,069		'	461,069		'	492,862
Individually evaluated	5,794		'	5,794		'	10,497
Total loans outstanding	466,863		'	466,863		'	503,359
Loans to members, net	459,004		'	459,004		'	494,201	[2]
NCSC	'		'	'		'	'
Activity in the loan loss allowance	'		'	'		'	'
Balance at the beginning of the period	3,823		6,843	3,921		7,823	'
(Recovery of) provision for loan losses	755		2	657		-978	'
Charge-offs	0		'	0		'	'
Recoveries of loans previously charged-off	0		0	0		0	'
Balance at the end of the period	4,578		6,845	4,578		6,845	'
Ending balance of the allowance:	'		'	'		'	'
Collectively evaluated	4,578		'	4,578		'	3,921
Individually evaluated	0		'	0		'	0
Total ending balance of the allowance	4,578		6,845	4,578		6,845	'
Recorded investment in loans:	'		'	'		'	'
Collectively evaluated	732,253		'	732,253		'	773,141
Individually evaluated	0		'	0		'	0
Total loans outstanding	732,253		'	732,253		'	773,141
Loans to members, net	727,675		'	727,675		'	769,220	[2]
CFC	'		'	'		'	'
Activity in the loan loss allowance	'		'	'		'	'
Balance at the beginning of the period	43,336		136,781	41,246		126,941	'
(Recovery of) provision for loan losses	-627		-3,256	1,410		6,531	'
Charge-offs	0		'	0		'	'
Recoveries of loans previously charged-off	53		53	106		106	'
Balance at the end of the period	42,762		133,578	42,762		133,578	'
Ending balance of the allowance:	'		'	'		'	'
Collectively evaluated	42,762		'	42,762		'	41,246
Individually evaluated	0		'	0		'	0
Total ending balance of the allowance	42,762		133,578	42,762		133,578	'
Recorded investment in loans:	'		'	'		'	'
Collectively evaluated	19,166,730		'	19,166,730		'	18,967,864
Individually evaluated	12,584		'	12,584		'	51,953
Total loans outstanding	19,179,314	[1]	19,064,837	19,179,314	[1]	19,064,837	19,019,817	[1]
Loans to members, net	$19,136,552		'	$19,136,552		'	$18,978,571	[2]
[1]	Includes non-performing and restructured loans.
[2]	Excludes deferred origination costs of $10 million at November 30, 2013 and May 31, 2013.

Loans_and_Commitments_Details_5

Loans and Commitments (Details 6) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012	31-May-13
Recorded investment in individually-impaired loans and the related specific valuation allowance	'	'	'	'	'
With no specific allowance recorded	$12,584	'	$12,584	'	$51,953
With a specific allowance recorded	5,794	'	5,794	'	10,497
Total impaired loans	18,378	'	18,378	'	62,450
Related allowance	1,818	'	1,818	'	3,427
Average recorded investment	'	'	'	'	'
Total impaired loans	19,879	82,324	27,954	289,645	'
Interest income recognized	'	'	'	'	'
Interest impaired loans	0	7,625	136	13,087	'
Interest income reduction as a result of holding loans on non-accrual status	'	'	'	'	'
Interest income reduced	264	373	565	780	'
CFC | Distribution	'	'	'	'	'
Recorded investment in individually-impaired loans and the related specific valuation allowance	'	'	'	'	'
With no specific allowance recorded	7,584	'	7,584	'	46,953
Average recorded investment	'	'	'	'	'
Total impaired loans	7,584	70,706	14,116	277,891	'
Interest income recognized	'	'	'	'	'
Interest impaired loans	0	7,625	136	13,087	'
CFC | Power Supply	'	'	'	'	'
Recorded investment in individually-impaired loans and the related specific valuation allowance	'	'	'	'	'
With no specific allowance recorded	5,000	'	5,000	'	5,000
Average recorded investment	'	'	'	'	'
Total impaired loans	5,000	5,000	5,000	5,000	'
Interest income recognized	'	'	'	'	'
Interest impaired loans	0	0	0	0	'
RTFC	'	'	'	'	'
Recorded investment in individually-impaired loans and the related specific valuation allowance	'	'	'	'	'
With a specific allowance recorded	5,794	'	5,794	'	10,497
Related allowance	1,818	'	1,818	'	3,427
Average recorded investment	'	'	'	'	'
Total impaired loans	7,295	6,618	8,838	6,754	'
Interest income recognized	'	'	'	'	'
Interest impaired loans	0	0	0	0	'
Non-performing loans	'	'	'	'	'
Interest income reduction as a result of holding loans on non-accrual status	'	'	'	'	'
Interest income reduced	142	373	321	780	'
Restructured loans	'	'	'	'	'
Interest income reduction as a result of holding loans on non-accrual status	'	'	'	'	'
Interest income reduced	$122	$0	$244	$0	'

Loans_and_Commitments_Details_6

Loans and Commitments (Details 7) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Pledging of Loans and Loans on Deposit	'	'
Cash	$8,651	$7,696
Collateral trust bonds 2007 indenture	'	'
Pledging of Loans and Loans on Deposit	'	'
Debt outstanding	4,579,372	4,679,372
Loans outstanding and pledged as collateral	5,700,483	5,840,627
Collateral trust bonds 1994 indenture	'	'
Pledging of Loans and Loans on Deposit	'	'
Debt outstanding	1,460,000	1,465,000
Notes payable | Federal Agricultural Mortgage Corporation	'	'
Pledging of Loans and Loans on Deposit	'	'
Debt outstanding	1,529,286	1,542,474
Notes payable | Federal Financing Bank	'	'
Pledging of Loans and Loans on Deposit	'	'
Debt outstanding	3,999,000	3,674,000
Clean Renewable Energy Bonds Series 2009A	'	'
Pledging of Loans and Loans on Deposit	'	'
Debt outstanding	19,888	19,888
Cash	8,651	7,634
Total pledged collateral	31,118	31,170
Mortgage notes | Distribution system mortgage notes | Federal Agricultural Mortgage Corporation	'	'
Pledging of Loans and Loans on Deposit	'	'
Loans outstanding and pledged as collateral	1,693,828	1,795,947
Mortgage notes | Distribution system mortgage notes | Collateral trust bonds 2007 indenture	'	'
Pledging of Loans and Loans on Deposit	'	'
Loans outstanding and pledged as collateral	5,536,853	5,674,804
Mortgage notes | Distribution system mortgage notes | Collateral trust bonds 1994 indenture	'	'
Pledging of Loans and Loans on Deposit	'	'
Loans outstanding and pledged as collateral	1,599,727	1,641,858
Mortgage notes | Distribution and power supply system mortgage notes | Clean Renewable Energy Bonds Series 2009A	'	'
Pledging of Loans and Loans on Deposit	'	'
Loans outstanding and pledged as collateral	22,467	23,536
RUS guaranteed loans qualifying as permitted investments | Collateral trust bonds 2007 indenture	'	'
Pledging of Loans and Loans on Deposit	'	'
Loans outstanding and pledged as collateral	163,630	165,823
Mortgage notes receivable on deposit | Distribution and power supply system mortgage notes | Federal Financing Bank	'	'
Pledging of Loans and Loans on Deposit	'	'
Loans outstanding and pledged as collateral	$4,453,299	$3,903,786

Loans_and_Commitments_Details_7

Loans and Commitments (Details Textual) (USD $)

1 Months Ended

6 Months Ended

9 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

6 Months Ended

6 Months Ended

31-May-13

Nov. 30, 2013

Nov. 30, 2013

Nov. 30, 2012

Nov. 30, 2013

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

Performing Financing Receivable

Performing Financing Receivable

Performing Financing Receivable

Commitments to Extend Credit

Commitments to Extend Credit

Commitments to Extend Credit

Unadvanced commitments subject to material adverse change clauses

Unadvanced commitments subject to material adverse change clauses

Unadvanced commitments not subject to material adverse change clauses

Performing Financing Receivable

Financing Receivable, Recorded Investment, Past Due [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Other Commitment

$39,000,000

'

'

'

$0

[1]

$0

[1]

'

$14,015,207,000

[1],[2]

$13,422,748,000

[1],[2]

$5,000,000

[1]

$1,947,800,000

$11,720,000,000

'

Loans and Leases Receivable Unadvanced Commitments Period Maximum

'

'

'

'

'

'

'

'5 years

'

'

'

'

'5 years

Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Commercial

9,557,000

9,790,000

9,790,000

8,033,000

'

'

'

0

0

'

'

'

'

Loans and Leases Receivable Commercial Net of Deferred Income Additions

15,000,000

'

11,000,000

'

'

8,000,000

47,000,000

'

'

'

'

'

'

Amount of Financing Receivable Refinanced

'

'

'

'

$13,000,000

'

'

'

'

'

'

'

'

Loans and Leases Receivable Commercial, Net of Deferred Income, Percentage

100.00%

100.00%

100.00%

'

0.10%

0.10%

0.20%

'

'

'

'

'

'

Intercompany Loans, Description

'

'At November 30, 2013 and May 31, 2013, non-performing loans totaled $11 million or 0.1 percent, of loans outstanding and $15 million or 0.1 percent, of loans outstanding

'

'

'

'

'

'

'

'

'

'

'

[1]

The interest rate on unadvanced commitments is not set until drawn, therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.

[2]

Includes non-performing and restructured loans.

Foreclosed_Assets_Details

Foreclosed Assets (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013
Activity for foreclosed assets	'
Beginning balance	$261,472
Results of operations	-7,318
Cash investments (proceeds)	1,453
Ending balance	255,607
CAH	'
Activity for foreclosed assets	'
Beginning balance	248,049
Results of operations	-6,651
Cash investments (proceeds)	5,953
Ending balance	247,351
DRP	'
Activity for foreclosed assets	'
Beginning balance	13,423
Results of operations	-667
Cash investments (proceeds)	-4,500
Ending balance	$8,256

Foreclosed_Assets_Details_Text

Foreclosed Assets (Details Textual) (DRP, Foreclosed Assets, USD $)	6 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2013
DRP | Foreclosed Assets	'
Proceeds from Sale of Foreclosed Assets	$4

ShortTerm_Debt_and_Credit_Arra2

Short-Term Debt and Credit Arrangements (Details) (USD $)	Nov. 30, 2013		31-May-13
In Thousands, unless otherwise specified
Short-Term Debt Outstanding	'		'
Short Term Debt	$4,258,205		$4,050,132
Total short-term debt	6,466,990		7,719,483
Long-term debt maturing within one year:	'		'
Total long-term debt maturing within one year	2,208,785		3,669,351
Commercial Paper Sold Through Dealers, Net Of Discounts	'		'
Short-Term Debt Outstanding	'		'
Short Term Debt	1,876,868	[1]	2,009,884	[1]
Commercial Paper Sold Directly To Mebers At Par	'		'
Short-Term Debt Outstanding	'		'
Short Term Debt	1,011,155	[1]	812,141	[1]
Commercial Paper Sold Directly To Nonmebers At Par	'		'
Short-Term Debt Outstanding	'		'
Short Term Debt	25,006	[1]	39,298	[1]
Select Notes	'		'
Short-Term Debt Outstanding	'		'
Short Term Debt	588,590		358,390
Bank Bid Notes	'		'
Short-Term Debt Outstanding	'		'
Short Term Debt	150,000		150,000
Medium Term Notes Sold Through Dealers	'		'
Long-term debt maturing within one year:	'		'
Total long-term debt maturing within one year	607,472		989,607
Medium Term Notes Sold to Members	'		'
Long-term debt maturing within one year:	'		'
Total long-term debt maturing within one year	416,998		391,318
Daily Liquidity Fund Notes Sold DirectlyTomember	'		'
Short-Term Debt Outstanding	'		'
Short Term Debt	606,586		680,419
Collateral Trust Bonds	'		'
Long-term debt maturing within one year:	'		'
Total long-term debt maturing within one year	604,994		1,504,949
Loan and Gurantees Subordinated Certificates	'		'
Long-term debt maturing within one year:	'		'
Total long-term debt maturing within one year	37,827		37,176
Member Capital Securities	'		'
Long-term debt maturing within one year:	'		'
Total long-term debt maturing within one year	85,615		0
Secured Notes Payable	'		'
Long-term debt maturing within one year:	'		'
Total long-term debt maturing within one year	451,972		742,402
Unsecured Notes Payable	'		'
Long-term debt maturing within one year:	'		'
Total long-term debt maturing within one year	$3,907		$3,899
[1]	Backup liquidity is provided by our revolving credit agreements.

ShortTerm_Debt_and_Credit_Arra3

Short-Term Debt and Credit Arrangements (Details 1) (USD $)

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

Nov. 30, 2013

Nov. 30, 2013

Nov. 30, 2013

In Thousands, unless otherwise specified

Three Year Agreement Maturing On 21 March 2014

Three Year Agreement Maturing On 21 March 2014

Three-year agreement maturing on October 28, 2016

Three-year agreement maturing on October 28, 2016

Four-year agreement maturing on October 28, 2017

Four-year agreement maturing on October 28, 2017

Five-year agreement maturing on October 28, 2018

Five-year agreement maturing on October 28, 2018

Revolving credit agreements

Revolving credit agreements

Revolving credit agreements

Revolving credit agreements

Three Year Agreement Maturing On 21 March 2014

Three-year agreement maturing on October 28, 2016

Four-year agreement maturing on October 28, 2017

Five-year agreement maturing on October 28, 2018

Revolving Credit Agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total available

$3,343,109

$3,096,512

$219,000

$219,000

$1,006,000

$916,000

$1,087,500

$1,007,500

$1,030,609

$954,012

'

'

'

'

Letters of credit outstanding

$1,891

$3,488

$0

$0

$0

$0

$0

$0

$1,891

$3,488

'

'

'

'

Facility fee per year

'

'

'

'

'

'

'

'

'

'

'15 basis points

[1]

'10 basis points

[1]

'10 basis points

[1]

'10 basis points

[1]

[1]

Facility fee determined by CFCbs senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.

ShortTerm_Debt_and_Credit_Arra4

Short-Term Debt and Credit Arrangements (Details 2)	6 Months Ended		12 Months Ended
	Nov. 30, 2013		31-May-13
Requirement	'		'
Minimum average adjusted TIER over the six most recent fiscal quarters	1.025	[1]	1.025	[1]
Minimum adjusted TIER for the most recent fiscal year	1.05	[1],[2]	1.05	[1],[2]
Maximum ratio of adjusted senior debt to total equity	10	[1]	10	[1]
Actual	'		'
Minimum average adjusted TIER over the six most recent fiscal quarters	1.27	[1]	1.27	[1]
Minimum adjusted TIER for the most recent fiscal year	1.29	[1],[2]	1.29	[1],[2]
Maximum ratio of adjusted senior debt to total equity	5.74	[1]	5.85	[1]
[1]	In addition to the adjustments made to the leverage ratio set forth in the Non-GAAP Financial Measures section, senior debt excludes guarantees to member systems that have certain investment-grade ratings from Moodybs Investors Service and Standard & Poorbs Corporation. The TIER and debt-to-equity calculations include the adjustments set forth in the Non-GAAP Financial Measures section and exclude the results of operations for CAH.
[2]	We must meet this requirement to retire patronage capital.

ShortTerm_Debt_and_Credit_Arra5

Short-Term Debt and Credit Arrangements (Details Textual) (USD $)	Oct. 28, 2013	Oct. 28, 2013	Oct. 28, 2013	Nov. 30, 2013	31-May-13
In Millions, unless otherwise specified	Three-year agreement maturing on October 28, 2016	Four-year agreement maturing on October 28, 2017	Five-year agreement maturing on October 28, 2018	Revolving credit agreements	Revolving credit agreements
Maximum borrowing capacity lines of credit	$1,006	$1,088	$1,033	$3,345	$3,100
Maximum borrowing capacity letters of credit	'	'	'	100	'
Line of Credit Facility, Amount Outstanding	'	'	'	$0	$0

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Long-term debt	'	'
Total long-term debt	$12,307,904	$10,696,433
Unsecured long-term debt	'	'
Long-term debt	'	'
Total long-term debt	5,956,306	5,418,741
Unsecured medium-term notes	'	'
Long-term debt	'	'
Long-term debt before unamortized discount	1,923,696	1,711,214
Unamortized discount	-620	-627
Total long-term debt	1,923,076	1,710,587
Medium-term notes sold through dealers	'	'
Long-term debt	'	'
Long-term debt before unamortized discount	1,780,416	1,528,424
Medium-term notes sold to members	'	'
Long-term debt	'	'
Long-term debt before unamortized discount	143,280	182,790
Unsecured notes payable	'	'
Long-term debt	'	'
Long-term debt before unamortized discount	4,034,075	3,709,074
Unamortized discount	-845	-920
Total long-term debt	4,033,230	3,708,154
Secured long-term debt	'	'
Long-term debt	'	'
Total long-term debt	6,351,598	5,277,692
Collateral trust bonds	'	'
Long-term debt	'	'
Long-term debt before unamortized discount	5,434,372	4,639,372
Unamortized discount	-179,976	-181,640
Total long-term debt	5,254,396	4,457,732
Secured notes payable	'	'
Long-term debt	'	'
Total long-term debt	$1,097,202	$819,960

LongTerm_Debt_Details_Textual

Long-Term Debt (Details Textual) (USD $)

Nov. 30, 2013

31-May-13

Nov. 30, 2013

Jun. 30, 2013

Nov. 30, 2013

Dec. 16, 2013

Nov. 30, 2013

Nov. 30, 2013

Nov. 30, 2013

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Subsequent Event [Member]

2.35% Collateral Trust Bonds Due 2020

3.4% Collateral Trust Bonds Due 2023

4.75% Collateral Trust Bonds Due March 1, 2014

Committed Loan Facilities Federal Financing Bank Loan Guarantees RUS

Committed Loan Facilities

Committed Loan Facilities

Unsecured Notes Payable

Unsecured Notes Payable

Unsecured Notes Payable

Unsecured Notes Payable

Secured notes payable

Secured notes payable

Federal Financing Bank

Federal Financing Bank

Federal Financing Bank

Federal Financing Bank

Federal Agricultural Mortgage Corporation

Federal Agricultural Mortgage Corporation

Maximum

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Current Maturities, Total

$2,208,785,000

$3,669,351,000

'

'

'

'

'

'

'

'

'

'

'

$450,000,000

$741,000,000

Long Term Debt, Gross, Noncurrent

'

'

'

'

'

'

'

'

'

4,034,075,000

3,709,074,000

3,999,000,000

3,674,000,000

1,529,000,000

1,542,000,000

Debt Instrument Maximum Borrowing Capacity

'

'

'

'

'

'

500,000,000

'

'

'

'

'

'

3,900,000,000

'

Proceeds from Issuance of Debt

'

'

'

'

'

'

'

325,000,000

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

2.35%

3.40%

4.75%

'

'

'

'

'

'

'

'

'

Debt Instrument, Repurchased Face Amount

'

'

'

'

'

150,000,000

'

'

'

'

'

'

'

'

'

Debt Instrument, Face Amount

'

'

'

'

'

600,000,000

'

'

'

'

'

'

'

'

'

Debt Instrument Carrying Amount Issued

'

'

'

400,000,000

400,000,000

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Term

'

'

'

'

'

'

'20 years

'

'

'

'

'

'

'

'

Debt Instrument, Unused Borrowing Capacity, Amount

'

'

'

'

'

'

'

'

924,000,000

'

'

'

'

'

'

Unamortized Premium And Issuance Cost

'

'

$1,400,000

'

'

'

'

'

'

'

'

'

'

'

'

Subordinated_Deferrable_Debt_D

Subordinated Deferrable Debt (Details Textual) (Subordinated Deferrable Debt, USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	31-May-13
Subordinated Deferrable Debt	'	'
Amounts Outstanding	$400,000	$400,000
4.75 percent due 2043	'	'
Subordinated Deferrable Debt	'	'
Amounts Outstanding	$400,000	$400,000
Interest rate (as a percent)	4.75%	4.75%

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	31-May-13
Interest rate swaps	'	'
Derivative Financial Instruments	'	'
Notional amount	$8,371,662	$8,788,329
Weighted-average rate paid (as a percent)	2.51%	2.49%
Weighted-average rate received (as a percent)	1.57%	2.00%
Pay fixed-receive variable	'	'
Derivative Financial Instruments	'	'
Notional amount	5,446,222	5,287,889
Weighted-average rate paid (as a percent)	3.35%	3.39%
Weighted-average rate received (as a percent)	0.23%	0.26%
Pay variable-receive fixed	'	'
Derivative Financial Instruments	'	'
Notional amount	$2,925,440	$3,500,440
Weighted-average rate paid (as a percent)	0.95%	1.12%
Weighted-average rate received (as a percent)	4.06%	4.62%

Derivative_Financial_Instrumen3

Derivative Financial Instruments (Details 1) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
Derivative Financial Instruments	'	'	'	'
Derivative forward value	'	'	$111,760	$961
Derivative gains (losses)	-30,780	-3,766	75,604	-28,358
Interest Rate Swap	'	'	'	'
Derivative Financial Instruments	'	'	'	'
Derivative cash settlements	-19,471	-15,456	-36,156	-29,319
Derivative forward value	-11,309	11,690	111,760	961
Derivative gains (losses)	($30,780)	($3,766)	$75,604	($28,358)

Derivative_Financial_Instrumen4

Derivative Financial Instruments (Details 2) (Interest rate swaps, USD $)	Nov. 30, 2013		31-May-13
In Thousands, unless otherwise specified
Derivative Financial Instruments	'		'
Notional amount	$8,371,662		$8,788,329
Counterparty Group	'		'
Derivative Financial Instruments	'		'
Notional amount	6,629,231		'
Entity's required payment	-163,026		'
Entity's amount collected	88,745		'
Entity's net payment	-74,281		'
Counterparty Group | Mutual rating trigger falls to Baa1/BBB+	'		'
Derivative Financial Instruments	'		'
Notional amount	1,500	[1]	'
Entity's required payment	-40		'
Entity's amount collected	0	[1]	'
Entity's net payment	-40	[1]	'
Counterparty Group | Mutual rating trigger falls below Baa1/BBB+	'		'
Derivative Financial Instruments	'		'
Notional amount	6,627,731	[1]	'
Entity's required payment	-162,986		'
Entity's amount collected	88,745	[1]	'
Entity's net payment	($74,241)	[1]	'
[1]	Stated senior unsecured credit ratings are for Moodybs Investors Service and Standard & Poorbs Corporation, respectively. Under these rating triggers, if the credit rating for either counterparty falls to the level specified in the agreement, the other counterparty may, but is not obligated to, terminate the agreement. If either counterparty terminates the agreement, a net payment may be due from one counterparty to the other based on the fair value, excluding credit risk, of the underlying derivative instrument.

Derivative_Financial_Instrumen5

Derivative Financial Instruments (Details 3) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Assets:	'	'
Derivative assets	$291,757	$257,878
Liabilities:	'	'
Derivative liabilities	397,695	475,278
Interest rate swaps	'	'
Assets:	'	'
Gross amounts of recognized assets	291,757	257,878
Grossamounts offset in the condensed consolidated balance sheets	0	0
Net amounts of assets/liabilities presented in the condensed consolidated balance sheets	291,757	257,878
Gross amounts not offset in the condensed consolidated balance sheets - Financial instruments	212,917	203,161
Gross amounts not offset in the condensed consolidated balance sheets - Cash collateral pledged	0	0
Derivative assets	78,840	54,717
Liabilities:	'	'
Gross amounts of recognized liabilities	397,695	475,278
Grossamounts offset in the condensed consolidated balance sheets	0	0
Net amounts of assets/liabilities presented in the condensed consolidated balance sheets	397,695	475,278
Gross amounts not offset in the condensed consolidated balance sheets - Financial instruments	212,917	203,161
Gross amounts not offset in the condensed consolidated balance sheets - Cash collateral pledged	0	0
Derivative liabilities	$184,778	$272,117

Derivative_Financial_Instrumen6

Derivative Financial Instruments (Details Textual) (USD $)	Nov. 30, 2013	31-May-13	Nov. 30, 2013	Nov. 30, 2013
	Interest rate swaps	Interest rate swaps	Interest rate swaps	Forward starting swaps
			Specific Counterparty	Specific Counterparty
Derivative [Line Items]	'	'	'	'
Notional amount	$8,371,662,000	$8,788,329,000	$450,000,000	'
Assets Needed to be Posted as Collateral for Immediate Settlement Aggregate Fair Value	11,000,000	'	'	'
Derivative, Net Liability Position, Aggregate Fair Value	$171,000,000	'	'	'
Number of counterparties	'	'	'	1

Equity_Details_Textual

Equity (Details Textual) (USD $)	6 Months Ended						1 Months Ended
	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012	31-May-13	Jul. 31, 2013	Jul. 31, 2013
			Patronage capital allocated	Patronage capital allocated	Members' capital reserve	Members' capital reserve	CFC	CFC	CFC
							Cooperative educational fund	Patronage capital allocated	Members' capital reserve
							Authorized Allocations	Authorized Allocations
Equity	'	'	'	'	'	'	'	'	'
Allocation of net earnings	'	'	'	'	'	'	$1,000,000	$81,000,000	$138,000,000
Retirement of net allocated earnings	$40,724,000	$35,341,000	$40,724,000	$35,341,000	$0	$0	'	$41,000,000	'
Retirement of allocated net earnings, percentage	'	'	'	'	'	'	'	50.00%	'

Guarantees_Details

Guarantees (Details) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	$1,094,229	$1,112,771
CFC	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	1,043,809	1,063,113
CFC | Distribution	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	224,521	245,265
CFC | Power supply	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	813,891	810,900
CFC | Statewide and associate	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	5,397	6,948
RTFC	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	2,304	3,711
NCSC	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	48,116	45,947
Letters of credit	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	451,594	447,683
Other guarantees	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	115,645	117,118
Long-term tax-exempt bonds	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	526,990	547,970
Long-term fixed-rate bonds | Letters of credit	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	74,000	'
Long-term variable-rate bonds | Letters of credit	'	'
Guarantees	'	'
Guarantor Obligations, Current Carrying Value	$453,000	$473,000

Guarantees_Details_1

Guarantees (Details 1) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
Activity in the guarantee liability account	'	'	'	'
Beginning balance as of May 31, 2013	'	'	$24,742	'
Net change in non-contingent liability	-850	'	-850	'
Provision for contingent guarantee liability	-73	92	-42	101
Ending balance as of November 30, 2013	$23,934	'	$23,934	'
Liability as a percentage of total guarantees	2.19%	'	2.19%	'

Guarantees_Details_Textual

Guarantees (Details Textual) (USD $)	6 Months Ended
	Nov. 30, 2013	31-May-13
Guarantor Obligations [Line Items]	'	'
Guarantor Obligations, Current Carrying Value	$1,094,229,000	$1,112,771,000
Guarantee Obligations Unsecured	406,000,000	410,000,000
Guarantee Obligations Unsecured Commitment as Percentage of Total Commitment	37.00%	'
Value of bonds issued under liquidity provider obligations	578,000,000	'
Guaranty Liabilities Contingent and Noncontingent	23,934,000	24,742,000
Guaranty Liabilities Contingent	2,000,000	2,000,000
Guaranty Liabilities	22,000,000	23,000,000
Long-term variable-rate bonds	'	'
Guarantor Obligations [Line Items]	'	'
Value of bonds issued under liquidity provider obligations	453,000,000	'
Letter of Credit Secured | Letter of Credit	'	'
Guarantor Obligations [Line Items]	'	'
Guarantee Obligations Secured	161,000,000	'
Master Letter of Credit | Letter of Credit	'	'
Guarantor Obligations [Line Items]	'	'
Letter of Credit Facility Maximum Additional Amount Potentially Required to be Issued	172,000,000	'
Hybrid Letter of Credit | Letter of Credit	'	'
Guarantor Obligations [Line Items]	'	'
Letter of Credit Facility Commitments that Can be Used for Issuance of Letters of Credit or Line of Credit Loan	1,371,000,000	'
Letter of Credit Facility Remaining Commitment	1,019,000,000	'
Hybrid Letter of Credit Subject to Material Adverse Change Clauses | Letter of Credit	'	'
Guarantor Obligations [Line Items]	'	'
Letter of Credit Facility Commitments that Can be Used for Issuance of Letters of Credit or Line of Credit Loan	352,000,000	'
Financial guarantees	'	'
Guarantor Obligations [Line Items]	'	'
Guarantor Obligations, Current Carrying Value	451,594,000	447,683,000
Financial guarantees | Long-term variable-rate bonds	'	'
Guarantor Obligations [Line Items]	'	'
Guarantor Obligations, Current Carrying Value	453,000,000	473,000,000
Financial guarantees | Long-term fixed-rate bonds	'	'
Guarantor Obligations [Line Items]	'	'
Guarantor Obligations, Current Carrying Value	74,000,000	'
Guarantor Obligations, Maximum Exposure, Undiscounted	121,000,000	'
Other guarantees	'	'
Guarantor Obligations [Line Items]	'	'
Guarantor Obligations, Current Carrying Value	115,645,000	117,118,000
Guarantor Obligations, Maximum Exposure, Undiscounted	117,000,000	'
Long Term Tax Exempt Loans	'	'
Guarantor Obligations [Line Items]	'	'
Letter of Credit Obligations Liquidity Provided to Member Carrying Value	$125,000,000	'

Fair_Value_Measurement_Details

Fair Value Measurement (Details) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Fair value of assets and liabilities	'	'
Derivative assets	$291,757	$257,878
Derivative liabilities	397,695	475,278
Level 1	'	'
Fair value of assets and liabilities	'	'
Derivative assets	0	0
Derivative liabilities	0	0
Investments in common and preferred stock	26,388	31,632
Deferred Compensation Plan Assets	4,169	3,716
Level 2	'	'
Fair value of assets and liabilities	'	'
Derivative assets	291,757	257,878
Derivative liabilities	397,695	475,278
Investments in common and preferred stock	0	0
Deferred Compensation Plan Assets	$0	$0

Fair_Value_Measurement_Details1

Fair Value Measurement (Details 1) (Level 3, USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Level 3	'	'
Non-performing loans, net of specific reserves	$8,976	$12,070

Fair_Value_Measurement_Details2

Fair Value Measurement (Details Textual) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	($1,335)	$893	($5,244)	$887

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Assets:	'	'
Restricted cash	$8,651	$7,696
Time deposits	800,000	700,000
Debt service reserve funds	39,353	39,803
Derivative instruments	291,757	257,878
Liabilities:	'	'
Short-term debt	6,466,990	7,719,483
Long-term debt	12,307,904	10,696,433
Derivative instruments	397,695	475,278
Subordinated deferrable debt	'	'
Liabilities:	'	'
Subordinated debt	400,000	400,000
Members' subordinated certificates	'	'
Liabilities:	'	'
Subordinated debt	1,637,282	1,729,226
Carrying value	'	'
Assets:	'	'
Cash and cash equivalents	301,377	177,062
Restricted cash	8,651	7,696
Investments	26,388	31,632
Time deposits	800,000	700,000
Deferred compensation investments	4,169	3,716
Loans to members, net	20,333,021	20,251,549
Debt service reserve funds	39,353	39,803
Derivative instruments	291,757	257,878
Liabilities:	'	'
Short-term debt	6,466,990	7,719,483
Long-term debt	12,307,904	10,696,433
Guarantee liability	23,934	24,742
Derivative instruments	397,695	475,278
Off-balance sheet instruments:	'	'
Commitments	0	0
Carrying value | Subordinated deferrable debt	'	'
Liabilities:	'	'
Subordinated debt	400,000	400,000
Carrying value | Members' subordinated certificates	'	'
Liabilities:	'	'
Subordinated debt	1,637,282	1,729,226
Fair value	'	'
Assets:	'	'
Cash and cash equivalents	301,377	177,062
Restricted cash	8,651	7,696
Investments	26,388	31,632
Time deposits	800,000	700,000
Deferred compensation investments	4,169	3,716
Loans to members, net	20,746,388	21,318,406
Debt service reserve funds	39,353	39,803
Derivative instruments	291,757	257,878
Liabilities:	'	'
Short-term debt	6,480,895	7,751,021
Long-term debt	13,443,765	12,156,097
Guarantee liability	26,862	27,730
Derivative instruments	397,695	475,278
Off-balance sheet instruments:	'	'
Commitments	0	0
Fair value | Subordinated deferrable debt	'	'
Liabilities:	'	'
Subordinated debt	375,532	404,300
Fair value | Members' subordinated certificates	'	'
Liabilities:	'	'
Subordinated debt	$1,754,549	$1,880,672

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details Textual) (USD $)

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

Nov. 30, 2013

31-May-13

31-May-13

Nov. 30, 2013

Nov. 30, 2013

31-May-13

Nov. 30, 2013

Nov. 30, 2013

Subordinated Deferrable Debt

Subordinated Deferrable Debt

Subordinated certificates

Subordinated certificates

Fair Value, Inputs, Level 1

Fair Value, Inputs, Level 1

Fair Value, Inputs, Level 1

Fair Value, Inputs, Level 1

Fair Value, Inputs, Level 1

Fair Value, Inputs, Level 1

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 2

Fair Value, Inputs, Level 3

Fair Value, Inputs, Level 3

Fair Value, Inputs, Level 3

Fair Value, Inputs, Level 3

Fair Value, Inputs, Level 3

Fair Value, Inputs, Level 3

Maximum

Minimum

Subordinated Deferrable Debt

Subordinated Deferrable Debt

Commercial Paper Sold Through Dealers Net of Discounts Bank Bid Notes and Daily Liquidity Fund Notes Sold Directly to

Commercial Paper Sold Through Dealers Net of Discounts Bank Bid Notes and Daily Liquidity Fund Notes Sold Directly to

Subordinated Deferrable Debt

Subordinated Deferrable Debt

Commercial Paper Sold Directly to Members at Par Commercial Paper Sold Directly to Non Members at Par and Select Notes

Commercial Paper Sold Directly to Members at Par Commercial Paper Sold Directly to Non Members at Par and Select Notes

Collateral Trust Bonds and Medium Term Notes

Collateral Trust Bonds and Medium Term Notes

Subordinated Deferrable Debt

Subordinated certificates

Notes Payable, Other Payables

Notes Payable, Other Payables

Maturity Period of Short Term Debt for which Fair Value is Estimated Based on Quoted Market Rates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'90 days

'90 days

Cash and Cash Equivalents, Fair Value Disclosure

'

'

'

'

'

'

$301,000,000

$177,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted Cash and Cash Equivalents

8,651,000

7,696,000

'

'

'

'

9,000,000

8,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments, Fair Value Disclosure

'

'

'

'

'

'

26,000,000

32,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Time Deposits, at Carrying Value

800,000,000

700,000,000

'

'

'

'

'

'

'

'

'

'

800,000,000

700,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subordinated Long-term Debt, Noncurrent

'

'

400,000,000

400,000,000

1,637,282,000

1,729,226,000

'

'

4,000,000

4,000,000

'

'

'

'

376,000,000

404,000,000

'

'

'

'

'

'

1,881,000,000

1,755,000,000

'

'

'

'

Loans Receivable, Fair Value Disclosure

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,746,000,000

21,318,000,000

'

'

'

'

'

'

Debt Service Reserve

39,353,000

39,803,000

'

'

'

'

39,000,000

40,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt, Current

6,466,990,000

7,719,483,000

'

'

'

'

'

'

'

'

2,633,000,000

2,840,000,000

'

'

'

'

1,625,000,000

1,210,000,000

1,639,000,000

2,912,000,000

'

'

'

'

584,000,000

789,000,000

'

'

Other Long-term Debt, Noncurrent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,187,000,000

7,410,000,000

'

'

'

'

5,257,000,000

4,746,000,000

'

'

Guarantees, Fair Value Disclosure

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

27,000,000

28,000,000

'

'

'

'

'

'

Derivative assets

291,757,000

257,878,000

'

'

'

'

0

0

'

'

'

'

291,757,000

257,878,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative liabilities

$397,695,000

$475,278,000

'

'

'

'

$0

$0

'

'

'

'

$397,695,000

$475,278,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended			6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013		Nov. 30, 2012	Nov. 30, 2013		Nov. 30, 2012	Aug. 31, 2013	31-May-13		Aug. 31, 2012	31-May-12
Statement of operations:	'		'	'		'	'	'		'	'
Total interest income	$239,254		$241,630	$480,325		$481,715	'	'		'	'
Total interest expense	165,345		174,301	332,930		350,897	'	'		'	'
Net interest income	73,909		67,329	147,395		130,818	'	'		'	'
(Provision for) recovery of loan losses	-1,096		3,817	-2,374		-5,305	'	'		'	'
Net interest income after provision for loan losses	72,813		71,146	145,021		125,513	'	'		'	'
Non-interest income:	'		'	'		'	'	'		'	'
Fee and other income	5,125		17,807	9,281		22,765	'	'		'	'
Derivative gains (losses)	-30,780		-3,766	75,604		-28,358	'	'		'	'
Results of operations of foreclosed assets	-3,269		-909	-7,318		-5,674	'	'		'	'
Total non-interest income	-28,924		13,132	77,567		-11,267	'	'		'	'
Non-interest expense:	'		'	'		'	'	'		'	'
General and administrative expenses	-18,573		-19,451	-37,188		-36,621	'	'		'	'
Provision for (recovery of) guarantee liability	73		-92	42		-101	'	'		'	'
Other	150		4,384	298		4,547	'	'		'	'
Total non-interest expense	18,796		23,743	37,528		41,067	'	'		'	'
Income prior to income taxes	25,093		60,535	185,060		73,179	'	'		'	'
Income tax (expense) benefit	-101		-454	-1,802		-452	'	'		'	'
Net income	24,992		60,081	183,258		72,727	'	'		'	'
Assets:	'		'	'		'	'	'		'	'
Total loans outstanding	20,378,430	[1]	19,097,174	20,378,430	[1]	19,097,174	'	20,296,317	[1]	'	'
Deferred origination costs	9,790		8,033	9,790		8,033	'	9,557		'	'
Less: Allowance for loan losses	-55,199		-148,737	-55,199		-148,737	-55,656	-54,325		-152,501	-143,326
Loans to members, net	20,333,021		18,956,470	20,333,021		18,956,470	'	20,251,549		'	'
Other assets	2,098,343		1,653,924	2,098,343		1,653,924	'	'		'	'
Total assets	22,431,364		20,610,394	22,431,364		20,610,394	'	22,071,651		'	'
Other	'		'	'		'	'	'		'	'
Statement of operations:	'		'	'		'	'	'		'	'
Total interest income	12,582		13,946	25,345		28,333	'	'		'	'
Total interest expense	-9,198		-10,458	-18,581		-21,163	'	'		'	'
Net interest income	3,384		3,488	6,764		7,170	'	'		'	'
(Provision for) recovery of loan losses	0		0	0		0	'	'		'	'
Net interest income after provision for loan losses	3,384		3,488	6,764		7,170	'	'		'	'
Non-interest income:	'		'	'		'	'	'		'	'
Fee and other income	342		292	694		686	'	'		'	'
Derivative gains (losses)	-1,548		-375	1,253		-1,922	'	'		'	'
Results of operations of foreclosed assets	0		0	0		0	'	'		'	'
Total non-interest income	-1,206		-83	1,947		-1,236	'	'		'	'
Non-interest expense:	'		'	'		'	'	'		'	'
General and administrative expenses	-2,011		-2,252	-4,125		-4,778	'	'		'	'
Provision for (recovery of) guarantee liability	0		0	0		0	'	'		'	'
Other	1		0	1		0	'	'		'	'
Total non-interest expense	-2,010		-2,252	-4,124		-4,778	'	'		'	'
Income prior to income taxes	168		1,153	4,587		1,156	'	'		'	'
Income tax (expense) benefit	-101		-454	-1,802		-452	'	'		'	'
Net income	67		699	2,785		704	'	'		'	'
Assets:	'		'	'		'	'	'		'	'
Total loans outstanding	1,199,116		1,230,471	1,199,116		1,230,471	'	'		'	'
Deferred origination costs	0		0	0		0	'	'		'	'
Less: Allowance for loan losses	0		0	0		0	'	'		'	'
Loans to members, net	1,199,116		1,230,471	1,199,116		1,230,471	'	'		'	'
Other assets	140,738		153,837	140,738		153,837	'	'		'	'
Total assets	1,339,854		1,384,308	1,339,854		1,384,308	'	'		'	'
Elimination	'		'	'		'	'	'		'	'
Statement of operations:	'		'	'		'	'	'		'	'
Total interest income	-8,833		-10,027	-17,851		-20,300	'	'		'	'
Total interest expense	8,833		10,027	17,851		20,300	'	'		'	'
Net interest income	0		0	0		0	'	'		'	'
(Provision for) recovery of loan losses	0		0	0		0	'	'		'	'
Net interest income after provision for loan losses	0		0	0		0	'	'		'	'
Non-interest income:	'		'	'		'	'	'		'	'
Fee and other income	620		-226	400		-454	'	'		'	'
Derivative gains (losses)	0		0	0		0	'	'		'	'
Results of operations of foreclosed assets	0		0	0		0	'	'		'	'
Total non-interest income	620		-226	400		-454	'	'		'	'
Non-interest expense:	'		'	'		'	'	'		'	'
General and administrative expenses	-620		226	-400		454	'	'		'	'
Provision for (recovery of) guarantee liability	0		0	0		0	'	'		'	'
Other	0		0	0		0	'	'		'	'
Total non-interest expense	-620		226	-400		454	'	'		'	'
Income prior to income taxes	0		0	0		0	'	'		'	'
Income tax (expense) benefit	0		0	0		0	'	'		'	'
Net income	0		0	0		0	'	'		'	'
Assets:	'		'	'		'	'	'		'	'
Total loans outstanding	-1,163,246		-1,198,134	-1,163,246		-1,198,134	'	'		'	'
Deferred origination costs	0		0	0		0	'	'		'	'
Less: Allowance for loan losses	0		0	0		0	'	'		'	'
Loans to members, net	-1,163,246		-1,198,134	-1,163,246		-1,198,134	'	'		'	'
Other assets	-121,601		-123,844	-121,601		-123,844	'	'		'	'
Total assets	-1,284,847		-1,321,978	-1,284,847		-1,321,978	'	'		'	'
CFC	'		'	'		'	'	'		'	'
Statement of operations:	'		'	'		'	'	'		'	'
Total interest income	235,505		237,711	472,831		473,682	'	'		'	'
Total interest expense	-164,980		-173,870	-332,200		-350,034	'	'		'	'
Net interest income	70,525		63,841	140,631		123,648	'	'		'	'
(Provision for) recovery of loan losses	627		3,256	-1,410		-6,531	'	'		'	'
Net interest income after provision for loan losses	69,429		67,658	138,257		118,343	'	'		'	'
Non-interest income:	'		'	'		'	'	'		'	'
Fee and other income	4,163		17,741	8,187		22,533	'	'		'	'
Derivative gains (losses)	-29,232		-3,391	74,351		-26,436	'	'		'	'
Results of operations of foreclosed assets	-3,269		-909	-7,318		-5,674	'	'		'	'
Total non-interest income	-28,338		13,441	75,220		-9,577	'	'		'	'
Non-interest expense:	'		'	'		'	'	'		'	'
General and administrative expenses	-15,942		-17,425	-32,663		-32,297	'	'		'	'
Provision for (recovery of) guarantee liability	-73		92	-42		101	'	'		'	'
Other	-151		-4,384	-299		-4,547	'	'		'	'
Total non-interest expense	-16,166		-21,717	-33,004		-36,743	'	'		'	'
Income prior to income taxes	24,925		59,382	180,473		72,023	'	'		'	'
Income tax (expense) benefit	0		0	0		0	'	'		'	'
Net income	24,925		59,382	180,473		72,023	'	'		'	'
Assets:	'		'	'		'	'	'		'	'
Total loans outstanding	19,179,314	[1]	19,064,837	19,179,314	[1]	19,064,837	'	19,019,817	[1]	'	'
Deferred origination costs	9,790		8,033	9,790		8,033	'	'		'	'
Less: Allowance for loan losses	-42,762		-133,578	-42,762		-133,578	-43,336	-41,246		-136,781	-126,941
Loans to members, net	20,297,151		18,924,133	20,297,151		18,924,133	'	'		'	'
Other assets	2,079,206		1,623,931	2,079,206		1,623,931	'	'		'	'
Total assets	$22,376,357		$20,548,064	$22,376,357		$20,548,064	'	'		'	'
[1]	Includes non-performing and restructured loans.